PARIS (Standard&Poor's) March 11, 2003--Standard&Poor's Ratings Services said today that it had affirmed its 'A' long-term and 'A-1' short-term corporate credit ratings on France-based Compagnie de Saint-Gobain S.A., reflecting the group's commitment and expected ability to reduce debt and consistently bolster its financial profile in the short to medium term. The outlook remains negative. The ratings continue to reflect Saint-Gobain's very strong business profile--attributable to the group's extensive product, geographic, and end-market diversification--as well as its leading competitive positions in all of its activities. These strengths translate into solid and consistent free cash flow generation (before acquisitions). These positive factors are tempered, however, by the group's exposure to asbestos claims-related liabilities, and its moderately acquisitive strategy.
