LONDON (Standard&Poor's) June 18, 2010--Standard&Poor's Ratings Services said today that it assigned an issue rating of 'BB-' to the proposed €190 million senior notes (proposed notes) to be issued by French chemicals company SPCM S.A. (BB-/Stable/--). At the same time, we assigned a recovery rating of '4' to the proposed notes, indicating our expectation of average (30%-50%) recovery in the event of a payment default. Our recovery expectation is at the low end of the range. We understand that SPCM will use the proceeds of the proposed notes in conjunction with new senior bank facilities to fully refinance the existing debt facilities, including the existing rated notes. Recovery prospects are supported by our valuation of the
