Good resilience to declining GDP, robust expansion, and solid growth potential. World's largest producer of acrylamide-based polymers used for water treatment. Good geographic, client, and asset diversification. Modest maintenance capital expenditures, acquisitions, and shareholder distributions. Only fair credit metrics and limited ability to deleverage in the medium term. Material capital expenditure to add capacity. Negative free operating cash flow. Exposure to volatile propylene costs. Exposure to competition and low product diversification. The ratings on France-based chemicals producer SPCM S.A. (SNF) reflect Standard&Poor's Ratings Services' assessment of the group's business risk profile as "satisfactory" and its financial risk profile as "significant." SNF, the largest producer in the world of polyacrylamides, had a reported 42% of the end-2011 global production
