On Aug. 3, 2005, Standard&Poor's Ratings Services placed its 'A-' long-term corporate credit and debt ratings on France-based engineered materials manufacturer and distributor Compagnie de Saint-Gobain S.A. (Saint-Gobain) and its related entity on CreditWatch with negative implications, following the company's announcement of a cash offer to BPB PLC (BPB; BBB+/Stable/A-2) shareholders. The 'A-2' short-term rating was affirmed. The CreditWatch placement reflects Standard&Poor's concerns that the group's financial profile may no longer be adequate for the 'A-' rating category if the group's bid to acquire U.K.-based interior-linings manufacturer BPB for approximately €5.33 billion (GBP 3.68 billion) is successful. The group's credit ratios are currently stretched for the 'A-' rating category and with funds from operations (FFO) to
