Good growth potential in all segments and increased product and end-market diversification World's largest producer of acrylamide-based synthetic polymers used for water treatment Low-cost production of acrylamide by enzymatic process Good geographic diversification by sales and production Significant capital expenditures and working capital needs for growth, limiting free operating cash flow Somewhat high leverage and tight liquidity Low diversification for a chemical company High exposure to volatile propylene costs The ratings on SPCM S.A. reflect the group's aggressive leverage, exposure to raw material prices, somewhat limited product diversification, and industry competition. These negative factors are partially offset by world market leadership in specialty and intermediate water treatment polymers, strong growth, and continued good demand prospects. Sales for the year ended
