The ratings on French chemical producer Arkema S.A. reflect Standard&Poor's Ratings Services' opinion of the group's "satisfactory" business risk profile and "intermediate" financial profile. Arkema's business risk profile factors in the group's leading market positions in several niche intermediate and specialty chemical markets, together with much improved profit resilience in recent years, in our view, thanks to wide-reaching restructuring, growth endeavors, acquisitions, and divestments. We conservatively assume midcycle EBITDA of about €0.85 billion, a much higher level than a few years ago, and maintenance capex at only 20% of that level. Another key strength is Arkema's increasing global presence, with North America accounting for 34% of 2012 sales and Asia 26%. Europe contributed 40%, and this share should
