Broad diversification across several differentiated product categories, and leading positions in more commodity-like PET and acetate fibers businesses Prudent financial management policies Competitive cost position due to scale of operations, significant focus on operating efficiency, and a considerable level of integration Adequate sources of liquidity to meet business requirements Some vulnerability to commodity cycles and economic downturn Debt-financed acquisitions have resulted in aggressive leverage for the ratings Sizable underfunded pension and postretirement benefit obligations and asbestos litigation The ratings incorporate Eastman Chemical Co.'s above-average business profile, reflecting solid market and cost positions in most of its chemicals, plastics, and fibers businesses, and prudent financial management policies that should support gradual improvement to the financial profile. The firm's business profile reflects
