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 2015. The negative outlook reflects a one-in-three chance Standard&Poor's Ratings Services could lower the ratings on Eastman Chemical Co. if the company is unable to sustain an FFO to adjusted debt level above 20% for the
