We have observed visible improvement in French specialty chemicals producer SPCM's EBITDA, covenant leeway, liquidity, and credit metrics in second-quarter 2009, thanks in our view to falling raw material prices, stable sales volumes, and an inflow of working capital. Under our current scenario, we expect no material medium-term weakening in SPCM's credit metrics and liquidity. We are revising the outlook to stable from negative on SPCM. We are affirming the 'B+' long-term rating on SPCM. The stable outlook is based on our expectations for good operating performances and covenant leeway, liquidity, and credit metrics that are in line with the ratings. PARIS (Standard&Poor's) Oct. 1, 2009--Standard&Poor's Ratings Services said today that it has revised to stable
