Leading competitive positions in an extensive range of products and technologies. Portfolio is evolving toward more value-added, less cyclical businesses, which should reduce earnings volatility. Strong product, end market, and geographic diversity, with good positions in emerging markets. Recent actions show commitment to the current rating, but an activist shareholder could influence future financial policies. We assume management will structure the spin-off of the performance chemicals business in a way that preserves DuPont's credit quality. The negative outlook reflects the risk that credit measures could be weak, and below our expectations in 2015, including our expectation for the key credit ratio of funds from operations (FFO) to total debt of 35%. We believe the company has very limited cushion under
