We are assigning our 'BBB-/A-3' long- and short-term corporate credit ratings to France-based chemicals producer Arkema S.A. If we were to rate the senior unsecured debt, we would expect to assign a 'BBB-' rating. The stable outlook reflects our expectations that Arkema should be able to post satisfactory operating profitability and generate material free operating cash flows, underpinned by a supportive environment. We also anticipate substantial financial flexibility resulting from Arkema's conservative financial policy, low debt, and strong liquidity. On Oct. 5, 2010, Standard&Poor's Ratings Services assigned its 'BBB-/A-3' long- and short-term corporate credit ratings to Paris-based chemicals and plastics producer Arkema. The outlook is stable. The ratings reflect a "satisfactory" business risk profile, given Arkema's effective, wide-reaching
