...Continued Deleveraging Ahead: Solvay SA's FFO net adjusted leverage rose to 4.2x at end-2015 on the completion of the USD5.5bn Cytec acquisition. The subsequent acquisition-driven EUR1.5bn rights issue and Cytec's consolidation are the largest contributors to Solvay's 2016 deleveraging towards 2.9x. Fitch Ratings expects Solvay to deleverage beyond 2016 by nearly 0.2x annually on a nearly 3% post-dividend free cash flow margin, unless an aggressive acquisition or dividend increase occur. Low 'A' Operational Profile: Solvay's efforts to increase the specialty chemicals share in its portfolio culminated in the Cytec acquisition in 4Q15 and led price-resilient specialty chemicals to account for over 60% of the company's revenues and cash flows. The portfolio transformation continued in 2016 with divestments of the European and Latin American PVC businesses, and the announcement of the divestments of the cellulose acetate tow and the Asian PVC businesses at the year-end. The remaining business...
