On Oct. 20, 2003, Standard&Poor's Ratings Services affirmed its 'BBB+' long-term corporate credit and senior unsecured debt ratings on France-based IT services and consulting group Cap Gemini S.A. following the company's announcement of a share offer to take control of French IT services company Transiciel (not rated). The outlook remains negative. The transaction, which is subject to a vote of approval by no less than 66.67% of Transiciel's shareholders, will result in Cap Gemini consolidating Transiciel's existing debt (€205 million at June 30, 2003, net of cash and equivalents). The ratings continue to reflect Cap Gemini's sound business positions in the global IT services and consulting markets; its well-balanced presence between the main EU and U.S. markets, as
