The ratings on France-based chemicals producer SPCM S.A. (SNF) reflect Standard&Poor's Ratings Services' assessment of the group's business risk profile as satisfactory and its financial risk profile as significant. SNF, the largest producer in the world of polyacrylamides, with a reported 42% of the end-2010 global production capacity, posted sales of €1.4 billion in 2010 and EBITDA of about €180 million. Standard&Poor's-adjusted debt reached about €440 million on Dec. 31, 2010. SNF's satisfactory business risk profile stems from its world market leadership in polymers for water treatment (above 50% of total 2010 sales), and its fast-paced growth in polymers used to boost or enable gas and oil production (22% of sales), including enhanced oil recovery (EOR)
