Good resilience to GDP declines and solid growth potential World's largest producer of acrylamide-based polymers used for water treatment Good geographic, client, and asset diversification Only fair credit metrics with modest deleveraging capabilities, in our opinion Somewhat limited free operating cash flow given capital expenditures and working capital needs in our scenario High exposure to volatile propylene costs Exposure to competition and somewhat limited product diversification The ratings on France-based chemicals producer SPCM S.A. (SNF) reflect the group's only fair metrics, exposure to raw material prices, somewhat limited product diversification, and potential price pressures from clients or industry competition. These negative factors are partially offset by world market leadership in specialty and intermediate water treatment polymers, strong historical growth, demonstrated
