Broad diversification across differentiated product categories, and leading positions in more commodity-like PET and acetate fibers businesses; Moderate financial management policies; Competitive cost positions due to scale of operations, significant focus on operating efficiency, leading technology, and a considerable level of integration; and Good sources of liquidity including sizable cash balances and investments, capital markets access, and unused committed bank facilities. Some vulnerability to commodity cycles, raw-material price volatility, and an economic downturn; Debt-financed acquisitions have resulted in somewhat aggressive leverage for the ratings; and Sizable off-balance-sheet liabilities including underfunded pension and postretirement benefit obligations and leases. The ratings incorporate Eastman Chemical Co.'s average business profile, reflecting solid market and cost positions in most of its chemicals, plastics, and fibers
