On Nov. 3, 2003, Standard&Poor's Ratings Services placed its 'BBB+' long-term corporate credit ratings on France-based IT services group Cap Gemini S.A. on CreditWatch with negative implications, following confirmation that Cap Gemini has submitted an offer for Triaton (unrated), an IT services subsidiary of German steel maker ThyssenKrupp AG (BB+/Stable/B). The terms of Cap Gemini's offer for Triaton are as yet undisclosed and while the bidding process is still at a preliminary stage, the offer comes just after Cap Gemini's public bid on France-based Transiciel (unrated) two weeks ago. Standard&Poor's is concerned by Cap Gemini's external growth strategy, since the current ratings incorporate only very little margin for debt-funded acquisitions and integration risks. In first-half 2003,
