On Nov. 9, 2007, Standard&Poor's Ratings Services placed its 'BB+' long-term corporate credit and debt ratings on France-based IT services company Cap Gemini S.A. on CreditWatch with positive implications. The CreditWatch placement reflects the continued improvement of the company's revenues and margins. Weak margins have held back the ratings on Cap Gemini in recent quarters. Cap Gemini now expects operating margins to be above 7% for full-year 2007, up from 5.8% in 2006, implying margins of at least 8% in second-half 2007, up from 6.8% in second-half 2006 and 5.8% in first-half 2007. Cap Gemini's third-quarter 2007 revenues were up 6.2% organically from third-quarter 2006. We expect to resolve the CreditWatch in the coming two months following a
