On Nov. 8, 2007, Standard&Poor's Ratings Services affirmed its 'BBB+/A-2' long- and short-term corporate credit ratings on France-based engineered materials manufacturer Compagnie de Saint-Gobain. The outlook is stable. At the same time, the long-term ratings were removed from CreditWatch with negative implications, where they had been placed on Aug. 7, 2007. The affirmation follows our review of Saint-Gobain's financial policy and the group's recent and expected achievements in terms of operating performance and asset sales. We are now confident that the group will maintain an adequate financial profile despite its appetite for acquisitions, thanks to recent operational achievements, substantial asset sale proceeds related to ongoing business repositioning, and management's reaffirmed commitment to the ratings. The ratings on Saint-Gobain
