On Dec. 16, 2004, Standard&Poor's Ratings Services said that its 'BBB-' long-term corporate credit and senior unsecured debt ratings on France-based global information technology services provider Cap Gemini S.A. remain on CreditWatch with negative implications, where they were placed on Sept. 9, 2004, on concerns over the company's ability to rapidly raise its margins and restore free cash flow generation. Standard&Poor's now expects to resolve the CreditWatch status before the end of January 2005. Given the company's solid liquidity, any downgrade would most likely be limited to one notch. The senior unsecured and bank loan ratings will be reviewed separately, as previously announced. Cap Gemini's liquidity is sufficient to cover its modest near-term financing needs and
