Above-average business profile, supported by solid competitive positions and extensive geographic diversity. Efficient cost management. Strong financial structure and ability to generate solid free cash flow. Most of the company's end markets are exposed to cyclicality. Large share buyback and acquisition programs. The ratings on France-based Schneider Electric S.A. reflect the company's above-average business profile, supported by sound competitive positions, extensive geographic diversity, and efficient cost management. They also take into account Schneider's strong financial structure and ability to generate solid free cash flow. These strengths are tempered, however, by the cyclicality of most of Schneider's end markets, as well as by the potential impact of the group's share buyback program and its acquisitive strategy. Schneider is a major worldwide
