The ratings on France-based chemical producer Arkema S.A. reflect Standard&Poor's Ratings Services' opinion that its business risk profile is "satisfactory," 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, adequate credit metrics such as FFO to debt above 35%, and supportive liquidity. Arkema posted sales of €5.9 billion in 2010 and EBITDA of €773 million, derived from three clusters: industrial chemicals (52% of 2010 sales but 73% of EBITDA), performance products (28% and 33% respectively), and polyvinyl chloride (PVC) and related products (18% and nil respectively). The industrial chemicals segment comprises a wide variety of products,
