The world's largest producer of acrylamide-based polymers used for water treatment. Good resilience to GDP cyclicality, with 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. Expectation of an improvement in credit metrics in 2015, following a spike in leverage in 2014, with Standard&Poor's-adjusted debt to EBITDA at 3x at the end of 2014. Material capital expenditure (capex) to add capacity, leading to our forecast of negative free operating cash flow (FOCF) in 2015. Track record of modest maintenance capex and dividends. The stable outlook reflects our view that SPCM's operating performance will
