We have raised our assessment of the business risk profile of France-based chemicals producer SPCM S.A. (SNF) to satisfactory on the back of its continued strong growth prospects, proven resilience, and ability to pass on more expensive feedstock. We also see credit metrics as stronger than previously, despite SNF's hefty ongoing spending to up capacity. We are raising our long-term rating on SNF to 'BB' from 'BB-'. The stable outlook reflects our expectations for the company's robust organic growth and adjusted FFO to debt ratios at about 25% on a sustainable basis. On July 4, 2011, Standard&Poor's Ratings Services raised its long-term corporate credit on France-based chemical producer SPCM S.A. (SNF) to 'BB' from 'BB-'. The outlook is
