Headroom on our rating on Arkema has improved as a result of strong operating performance, which has translated into adjusted FFO to debt exceeding clearly 40% in 2017. We expect this to exceed 45% in 2018 in our base case, which we view as strong for the rating. We believe part of this rating leeway may be consumed through investments in growth projects and acquisitions, while understanding the company remains strongly committed to the current rating level. We are affirming the 'BBB' corporate credit rating on Arkema. The stable outlook reflects our expectation that EBITDA and free cash flow will continue benefiting from Arkema's strong market positions, efficient pass-through mechanisms, and resilient earnings because of its business diversity and expanded
