Increasing emphasis on relatively stable, high-margin, specialty chemicals. Strong market positions and pricing power in most segments. Enhanced competitive position through complementary technologies and accelerated access following the Solutia acquisition. Vertical integration and benefit of low-cost feedstocks. Good product, end-market, and geographic diversity of sales, but some manufacturing site concentration associated with the large Kingsport, Tenn., facility. Track record of prudent financial policies. Strong cash flow protection measures. Funds from operations (FFO) to total adjusted debt remaining about 20% and 30% during 2014. The stable outlook on Eastman Chemical Co. reflects our opinion that an improving economy and end-market demand along with the company's renewed focus on its specialty business, including the recent Solutia acquisition, will further boost profitability. The
