On July 29, 2005, Standard&Poor's Ratings Services revised its outlook on France-based Compagnie de Saint-Gobain S.A. to negative from stable, and at the same time affirmed its 'A-' long-term and 'A-2' short-term issuer credit ratings on the company. The outlook revision follows the company's public indications that it intends to pursue a more aggressive acquisition strategy and considers its current debt leverage as too low. Reported net unadjusted financial debt stood at €7.5 billion ($9.1 billion) at end-June 2005. After a weak first quarter impacted by poor weather conditions, the group has had a strong second quarter in 2005. Sales reached €16.9 billion over the first half of 2005, up 7% from the first half of 2004 and
