...Fitch Ratings revised the Outlook on Solvay SA's Long-Term Issuer Default Rating (IDR) to Positive from Stable and affirmed the IDR at 'BBB' in September 2017. The revision of the Outlook reflects Solvay's strengthened business profile compared with peers, which is supported by its focus on price-resilient specialty chemicals. These account for over 70% of the company's cash flows. The Positive Outlook also takes into account forecast deleveraging, with funds from operation (FFO) net adjusted leverage moving below 2.5x by 2018 from 3.3x at end-2016. This is driven by strong volume growth and cost efficiencies across all business units driving strong EBITDA growth over the rating horizon, slightly reduced capex of around EUR100 million in 2017, and proceeds received from the sale of Acetow of around EUR1 billion in 2017. Fitch expects that the proceeds from the recently announced divestment of the polyamide business to BASF (A+/Stable) for around EUR1.1 billion of cash in 2018 are likely...
