The ratings incorporate Kingsport, Tenn.-based Eastman Chemical Co.'s satisfactory business profile, reflecting good market and cost positions in most of its chemicals, plastics, and fibers businesses and management policies supportive of a moderate financial profile. Eastman's business profile reflects broad diversification across some differentiated product categories, although operating prospects still depend to a significant extent on the company's leading positions in the more commodity-like polyethylene terephthalate (PET) and acetate fibers businesses. In 2007, on a continuing basis, the company generated about 40% of its sales and close to 50% of its operating income from outside North America. Eastman's specialty chemicals include coatings, additives, and solvents used in paints; materials used to make adhesives; engineering and specialty polymers used in durable
