France-based Arkema S.A. continues to post strong results despite the inflationary raw materials price environment. We now forecast adjusted funds from operations to debt to materially exceed 45% on a sustainable basis, thereby reducing the risk of acquisitions putting pressure on the ratings. We are therefore upgrading Arkema to 'BBB+' from 'BBB', and raising the ratings on the company's senior unsecured bonds to 'BBB+' from 'BBB'. The stable outlook reflects our expectation that operating performance will continue to benefit from Arkema's strong and diversified product portfolio and efficient pass-through mechanisms. On Nov. 16, 2018, S&P Global Ratings raised to 'BBB+' from 'BBB' its long-term issuer credit rating on France-based chemical company, Arkema S.A. (the company). The outlook is stable. We
