Standard and Poor's Ratings Services' derives its 'BB+' rating on France-based chemicals producer SPCM S.A. (SPCM) from: Our anchor of 'bb+,' based on our "satisfactory" business risk and "significant" financial risk profile assessments for the company. Analytical modifiers had no impact on the rating outcome. The world's largest producer of acrylamide-based polymers used for water treatment. Good resilience to GDP cyclicality, robust capacity expansion, and solid growth potential. Good geographic, client, and asset diversification. Exposure to volatile propylene costs, which represent about 90% of the company's raw materials. Exposure to competition and low product diversification. Moderate leverage, with Standard&Poor's-adjusted debt to EBITDA at 2x at the end of 2013. Material capital expenditure (capex) to add capacity, leading to
