France-based chemicals producer Arkema has increased its EBITDA base and cut cyclicality by adding capacity, restructuring, and making acquisitions. As its strong balance sheet and supportive liquidity show, Arkema has maintained a conservative financial policy. We are revising our outlook on Arkema to positive from stable and affirming the 'BBB-/A-3' ratings. The positive outlook reflects the potential for a one-notch upgrade by the middle of 2012 if we gain more visibility on the currently uncertain macroeconomic prospects that Arkema faces. On Nov. 29, 2011, Standard&Poor's Ratings Services revised its outlook on France-based chemical producer Arkema to positive from stable. At the same time, we affirmed our 'BBB-/A-3' long-term and short-term corporate credit ratings on the group. The ratings
