Following its tight rein on costs and capital spending, French building and engineered materials group Compagnie de Saint-Gobain posted adjusted metrics in 2013 commensurate with our expectations for the 'BBB' long-term rating. Earlier this month, the closing of the Verallia North America disposal and the payment of a European fine--broadly offsetting each other--have lifted some uncertainty on future developments in the capital structure. We are therefore revising our outlook on Saint-Gobain to stable from negative and affirming our 'BBB/A-2' ratings on the company. The stable outlook on Saint-Gobain reflects our anticipation of likely improved trading performance in 2014, translating into broadly stable net debt and credit metrics commensurate with the ratings at year-end. On April 30, 2014, Standard&Poor's
