MADRID (Standard&Poor's) July 23, 2008--Standard&Poor's Ratings Services said today that it has assigned an issue-level rating of 'BB' to the $315 million senior secured debt issues of French chemicals group SPCM S.A. (BB-/Stable/--), one notch above the 'BB-' corporate credit rating on the company. At the same time, we assigned a recovery rating of '2' to this debt, indicating our expectation of substantial (70%-90%) recovery for secured creditors in the event of a payment default. We also withdrew the 'BB' issue and '2' recovery ratings on the group's former €150 million secured facilities following refinancing. The issue rating on the €210 million senior unsecured notes due 2013 remains at 'BB-', in line with the corporate credit
