Leadership positions in several intermediate and specialty chemicals markets, which contribute a large share of profits. Supportive profitability. Increasing global presence and contribution from high-growth countries. Sensitivity of profits to industry conditions and some demand-sensitive end markets. Capital intensity and long lead time to add capacity. Long track record of conservative financial policies, including a 40% net debt-to-equity limit. Supportive credit metrics. "Strong" liquidity. Moderate off-balance-sheet liabilities. Operating cash flow swings depending on industry conditions. Standard&Poor's Ratings Services' outlook on France-based specialty chemicals and advanced materials producer Arkema S.A. is stable. It reflects our base-case assumption that Arkema's EBITDA will grow markedly in 2015, from a material €0.8 billion in 2014, on better industry conditions and new capacity.
