...LONDON (Standard & Poor's) April 10, 2015--Standard & Poor's Ratings Services said today that it assigned its '##+' issue rating to the proposed 550 million senior unsecured notes to be issued by France-based chemicals producer SPCM S.A. (##+/Stable/--). At the same time, we affirmed our '##+' issue rating on the existing senior unsecured debt. The recovery rating on the proposed and existing senior unsecured debt is '3', indicating our expectation of meaningful (50%-70%) recovery in the event of a payment default. Our recovery expectations are in the lower half of the range. We understand that SPCM will use the proceeds from the proposed issuance to repay its existing 400 million 5.5% senior notes due 2020 and the drawn part of its senior unsecured revolving credit facility, and for general corporate purposes. RECOVERY ANALYSIS The issue and recovery ratings on the proposed notes reflect their unsecured nature and their structural subordination to about 100 million of existing bank debt...
