...March 14, 2024 PARIS (S&P Global Ratings) March 14, 2024--S&P Global Ratings today assigned its '###-' long-term issue rating to the proposed undated deeply subordinated non-call five-year fixed-rate reset notes to be issued by Arkema S.A. (###+/Positive/A-2). The final terms, including the 400 million expected amount, are subject to market conditions. Arkema will use the proceeds for general corporate purposes including refinancing its 400 million hybrid instrument which has a first call date in June 2024, leaving the group's total amount of hybrid capital unchanged. At the same time, we have withdrawn the equity content on the hybrid instrument being replaced. We classify the proposed hybrid as having intermediate equity content until its first reset date because it meets our criteria in terms of subordination, loss absorption, and cash preservation, with optional coupon deferability during this period. Consequently, in line with our current approach, when we calculate our adjusted credit...
