U.S.-based Eastman Chemical Co.'s operating performance and credit measures have improved steadily, despite a weak second-quarter 2016, since the company's acquisition of Taminco Global Chemical Corp. in late 2014. We believe integration risks have been largely mitigated, and the company's operating performance has reasonably been in line with expectations. Eastman's recent pay down of debt has also contributed to credit measures that we expect to remain appropriate for the rating. We are revising our rating outlook on Eastman to stable from negative. We are also affirming our ratings on the company, including the 'BBB' corporate credit rating. The stable outlook reflects our base-case expectation that Eastman's management will remain supportive of its current credit measures that we believe will remain
