France-based Schneider Electric has obtained Invensys' shareholders' approval to acquire Invensys. The finalization of the transaction is still subject to the approval of the regulatory authorities and the time of the completion is uncertain. We are therefore keeping our 'A-' long-term rating on Schneider Electric on CreditWatch negative and affirming our 'A-2' short-term rating. The CreditWatch reflects our expectation of a possible downgrade, which we currently think would be limited to one notch. On Nov. 14, 2013, Standard&Poor's Ratings Services said that it was keeping its 'A-' long-term corporate credit rating on French electrical distributor Schneider Electric S.A. on CreditWatch, where it was placed with negative implications on July 17, 2013. At the same time, we affirmed the
