(Editor's note: In the original summary published on May 21, 2002, the 2001 sales trend was misstated as a 1.6% decline in the second sentence of the second paragraph. Sales actually increased by 1.6% like for like. A corrected version follows.) The ratings reflect France-based Compagnie de Saint-Gobain S.A.'s superior business profile, attributable to the group's unique diversification in terms of geographic areas, products, and end markets, as well as its leading competitive positions in all of its activities. These strengths translate into solid and very consistent free cash flow generation. The positive factors are tempered, however, by the group's sub-par credit ratios and acquisitive strategy. With sales of €30.4 billion in 2001, Saint-Gobain holds European or worldwide leadership in
