We anticipate that France-based chemicals producer SPCM S.A. will continue to deliver strong results in 2013 and beyond, benefiting from a mix of high-growth and stable end-markets, combined with growth-oriented investments. Consequently, we expect the ratio of funds from operations (FFO) to debt to stay in the 25% to 30% range despite continued investments. We are therefore raising to 'BB+' from 'BB' our long-term corporate credit rating on SPCM. We are also raising our issue ratings on SPCM's existing €300 million senior unsecured notes due 2020 to 'BB+' from 'BB'. The stable outlook reflects our forecast that SPCM's operating performance will remain resilient, and its adjusted FFO to debt ratio will remain at about 25%. On July 17, 2013, Standard
