The ratings reflect France-based Compagnie de Saint-Gobain S.A.'s superior business profile, as well as management's commitment and expected ability to reduce debt and consistently bolster the company's financial profile from 2003 onward. Saint-Gobain's above-average business profile reflects very strong competitive positions and extensive diversity in terms of product, geography, and markets. These strengths are tempered, however, by the group's sub-par credit ratios, including significant unfunded post-retirement obligations; acquisitive strategy; and exposure to asbestos-related litigation in the U.S. With sales of €22.2 billion in the first nine months of 2003, Saint-Gobain holds European or worldwide leadership positions in diversified industries such as glass, industrial ceramics, plastics and abrasives, insulation and fiber reinforcements, building materials, and building-materials distribution. Sales grew 2.2% like
