On April 30, 2004, Standard&Poor's Ratings Services lowered its long- and short-term corporate credit ratings on France-based Compagnie de Saint-Gobain S.A. (Saint-Gobain) to 'A-' and 'A-2', from 'A' and 'A-1', respectively. At the same time, the ratings were removed from CreditWatch, where they had been placed on March 8, 2004. The outlook is stable. With sales of €29.6 billion in 2003, Saint-Gobain holds worldwide or European leadership positions in diversified industries (glass, industrial ceramics, plastics and abrasives, insulation and fiber reinforcements, building materials, and building-materials distribution). Gross unadjusted financial debt was €8.7 billion at year-end 2003. The ratings action reflects Standard&Poor's opinion that the extent and timing of further improvements in Saint-Gobain's credit measures will likely
