The ratings on Arkema S.A. reflect Standard&Poor's Ratings Services' opinion of a "satisfactory" business risk profile, given Arkema's effective, wide-reaching cost improvement and restructuring efforts, and our expectation of favorable future profitability. We also take into account Arkema's "intermediate" financial profile, marked by a conservative financial policy, current low debt providing leeway for midsize acquisitions, and supportive liquidity. Arkema's sales reached €5 billion in the 12 months to June 2010, derived from three segments: industrial chemicals (52% of first-half 2010 sales but 72% of EBITDA), performance products (28% and 35% respectively), and polyvinyl chloride (PVC) and related products (20% and nil respectively). The industrial chemicals segment comprises a wide variety of products, from acrylics at 13% of sales,
