We anticipate that stability in most of French chemicals producer SPCM's end-markets, cheaper raw materials, and the weaker euro will support its strong operating performance in 2015, despite weaker volumes from the oil and gas sector. We are therefore affirming our 'BB+' long-term credit rating on SPCM. SPCM has strengthened its liquidity by agreeing new funding sources in the form of a €350 million senior secured revolving credit facility. However, our hypothetical default scenario assumes an increase in outstanding debt, causing us to lower the recovery rating on its debt to '4'. The stable outlook reflects our expectation that the company will post EBITDA above €300 million in 2015 and funds from operations to debt of about 25%. On Aug.
