Leading competitive 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. Credit measures that have been slightly weak in recent quarters pro forma for the spin-off of The Chemours Co., but we expect ratios to strengthen in the second half of 2015. The risk remains that an activist shareholder could influence future financial policies. We assume management will remain committed to current credit quality including holding off on shareholder rewards or transactions that could stall an improvement to credit measures or weaken them. The negative outlook reflects our assessment of the risk that
