LONDON (Standard&Poor's) Aug. 4, 2004--Standard&Poor's Ratings Services said today it affirmed its 'BBB+/A-2' corporate credit ratings on Dutch diversified technology group Koninklijke Philips Electronics N.V. (Philips), reflecting the group's solid performance. The outlook is stable. At the same time, Standard&Poor's affirmed its 'BBB+' senior unsecured debt and 'A-2' commercial paper ratings on the group. The affirmation reflects Philips' continued stable performance in several core business segments, along with its diversified business portfolio. These have helped temper the group's weaker profitability in consumer electronics and exposure to the cyclical and capital-intensive semiconductor industry. Philips' net debt adjusted for leases was about €4.2 billion ($5.1 billion) at June 30, 2004, compared with €6.1 billion one year
