On Aug. 8, 2017, Huntsman announced that it successfully floated 24.6% of its pigments and additives business Venator for total net proceeds of $475 million, which were fully utilized for debt redemption. We view the IPO as an important step in Huntsman's deleveraging and, for the combined entity HuntsmanClariant, reducing earnings cyclicality. If the remaining stake in Venator is fully disposed during 2018, we anticipate a pro forma adjusted funds from operations (FFO) to debt ratio of about 40% for HuntsmanClariant. We are revising the outlook on Clariant to positive from developing, and affirming our 'BBB-' long-term and 'A-3' short-term corporate credit ratings on the company. The positive outlook reflects that we could raise the rating on Clariant, depending on
