Leadership positions in an extensive range of products and technologies. Portfolio is evolving toward more value-added, less-cyclical businesses, which should reduce earnings volatility. Strong product, end-market, and geographic diversity, with good positions in emerging markets. Pension underfunding declined significantly as of year-end 2013, strengthening credit measures considerably. Recent actions show commitment to the current rating, and we currently believe an activist shareholder is unlikely to have a significant negative influence on financial policies. We believe management will structure the potential spin-off or sale of the performance chemicals business in a way that preserves DuPont's credit quality, but details are not yet available. The outlook is stable. As of year-end 2013, credit measures strengthened considerably, primarily because of lower pension underfunding
