The ratings on France-based construction and engineered materials manufacturer and distributor 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 businesses mainly subject to just local or regional competition, and in which the company has diversified customer bases. These businesses are a strategic focus for the company, as they offer growth opportunities or are resilient due to stabilizing factors such as development of energy-saving applications and exposure to refurbishment end-markets. Partly offsetting 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
