Increasing emphasis on relatively stable, high-margin, specialty chemicals; Vertical integration and benefit of low-cost feedstocks; and 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; and Funds from operations (FFO) to total adjusted debt remaining above 20% in 2017. The stable outlook reflects S&P Global Ratings' expectation that Kingsport, Tenn.-based Eastman Chemical Co.'s credit metrics, including its FFO to total debt, will remain appropriate for the rating- above 20% on a weighted average basis- over the next two years. We don't expect debt-funded shareholder rewards or any increase in debt that could weaken FFO to total debt to
