On Oct. 5, 2005, Standard&Poor's Ratings Services lowered its long-term corporate credit and debt ratings on France-based Compagnie de Saint-Gobain S.A. (Saint-Gobain) to 'BBB+' from 'A-'. At the same time, the long-term ratings were removed from CreditWatch with negative implications, where they had been placed on Aug. 3, 2005. In addition, the 'A-2' short-term corporate credit ratings were affirmed. The outlook is stable. The long-term ratings had been placed on CreditWatch negative following the company's announcement of a cash offer to BPB PLC (BPB; BBB+/Watch Neg/A-2) shareholders. Although the offer on BPB is still pending, the downgrade of Saint-Gobain follows a review with Saint-Gobain's management to discuss the company's revised financial policy in light of its public comments
