The ratings on France-based construction and engineered materials manufacturer and distributor Compagnie de Saint-Gobain reflect our view of 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 Saint-Gobain has diversified customer bases. These businesses are a strategic focus for the group, 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 Saint-Gobain's very acquisitive medium- to long-term strategy and moderate financial policy; and its exposure to cyclical end markets and to energy
