Paris -- Standard&Poor's CreditWire 1/12/1999 -- Standard&Poor's today affirmed its single-'A'-plus long-term corporate credit rating and its 'A-1' short-term corporate credit and commercial paper ratings on Schneider S.A. At the same time, the outlook was changed to negative from stable. This action follows the announcement on Jan. 11, 1999, of Schneider's agreement to purchase Lexel (unrated), the number-two European manufacturer of low-voltage electrical fittings, for FFr6 billion (approximately $1.1 billion), excluding debt acquired. The acquisition, which is in line with the group's strategy to increase its presence in low-voltage electrical fittings, offers a good geographic fit and is viewed by Standard&Poor's as positive for Schneider's business profile; previously, Schneider was a very modest player
