October 12, 2006	Thursday	Ramazan 18, 1427

PARIS, Oct 11: France on Wednesday faced German rejection of threatened job cuts and even closures of its Airbus factories under an ambitious rescue plan for the aircraft maker that has laid out cost-reduction targets but few details.

And sources close to the French President Jacques Chirac said the extent and location of any cutbacks now depended on talks by new management at Airbus, a subsidiary of EADS.

Ratings agency Standard and Poor’s meanwhile lowered its corporate credit ratings on EADS, saying it was concerned over the European aerospace group's management and its ability to meet organisational and competitive challenges.—AFP