Eastman Chemical Co. was able to weather the 2020 downturn with limited impact on credit metrics, which we expect to improve in 2021 as the global economy recovers. Therefore, we raised our issuer credit rating on Eastman to 'BBB' from 'BBB-', our issue-level ratings on its debt to 'BBB' from 'BBB-', and our short-term rating to 'A-2' from 'A-3'. The stable outlook reflects our expectation that the company will maintain credit metrics and financial policies that support the 'BBB' rating over the next two years. As a result of several large historical acquisitions, Eastman has a greater specialty chemicals orientation than in previous years, with most of its businesses posting high EBITDA margins above 20% and relatively stable revenues. We
