Since second-quarter 2009, France-based chemicals producer SPCM S.A.'s credit metrics and liquidity have improved and we expect them to remain above our expectations. We are upgrading the long-term corporate credit rating on SPCM S.A. to 'BB-' from 'B+'. The stable outlook is based on our view of the company's supportive financial policy and satisfactory EBITDA prospects. On May 19, 2010, Standard&Poor's Ratings Services raised its long-term corporate credit rating on SPCM S.A. (SNF) to 'BB-' from 'B+'. The outlook is stable. At the same time, we raised by one notch the issue rating on SNF's senior secured bank loans to 'BB' and the rating on its senior unsecured bonds to 'BB-', in line with the one-notch raise on
