PARIS (Standard&Poor's) Sept. 10, 2008--Standard&Poor's Ratings Services said today that it has revised its outlook on France-based specialty chemical producer SPCM S.A. to negative from stable, reflecting SPCM's aggressive growth and weakening leverage ratios and liquidity. At the same time, we affirmed the 'BB-' long-term corporate credit rating on the company. "The negative outlook reflects potential covenant tightness at year end and our concerns regarding the adequacy of funding for the fast and aggressive volume-growth strategy, which pressures credit metrics, liquidity, and profitability," said Standard&Poor's credit analyst Lucas Sevenin. Combined with adverse raw material prices, second-quarter results showed materially weakened credit metrics and profitability. We expect funds from operations to adjusted debt to improve
