The ratings on France-based engineered materials manufacturer Compagnie de Saint-Gobain reflect its strong business profile, underpinned by a broad business mix and geographic diversity. Also supporting the ratings are the group's large size and solid positions in--and strategic focus on--activities mainly subject only to local or regional competition, and benefiting from growth or stabilizing factors such as energy-saving applications and exposure to refurbishment end-markets. Mitigating these strengths are the group's very acquisitive strategy and moderate financial policy, exposure to cyclical end-markets, and to energy and raw material input costs. The group is also involved in asbestos-related litigation in the U.S. Saint-Gobain holds worldwide and European leadership positions in diversified industries, including glass for building and automotive, high-performance materials, construction products
