On Jan. 21, 2008, Standard&Poor's Ratings Services raised its long-term corporate credit and senior unsecured debt ratings on France-based IT services group Cap Gemini S.A. to 'BBB-' from 'BB+'. The outlook is stable. All ratings were removed from CreditWatch, where they had been placed with positive implications on Nov. 9, 2007. At June 30, 2007, Cap Gemini reported gross debt of €1,267 million. The upgrade reflects the continuing improvement in Cap Gemini's operating performance and its maintenance of conservative financial policies. We believe that Cap Gemini's pre-restructuring operating margins, which are likely to have exceeded 7% in 2007, have further improvement potential in 2008. Although this level is still at the low end of the industry-leading range, it
