On June 16, 2005, Standard&Poor's Ratings Services assigned its 'BB+' senior unsecured debt rating to French IT services group Cap Gemini S.A.'s proposed €380 million ($459 million) convertible bond issue due January 2012. At the same time, the 'BB+' long-term corporate credit rating on the group was affirmed. The outlook is negative. Cap Gemini's new and existing convertible bond issues, and its €600 million revolving credit facility, all rank pari passu and are all rated at the same level as the corporate credit rating, despite significant structural subordination, on the basis of the parent company's, Cap Gemini S.A., good balance-sheet position. The proceeds from the bond issue will be used to improve the group's liquidity. At Dec. 31,
