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, had a reported 42% of the end-2011 global production capacity. It posted sales of €1.7 billion in 2011 and EBITDA of about €0.2 billion. Standard&Poor's-adjusted debt reached about €562 million on Dec. 31, 2011. SNF's satisfactory business risk profile stems from its world market leadership in polymers for water treatment (48% of total 2011 sales), and its fast-paced growth in polymers used to boost or enable oil and gas production (25% of sales). This underpins our view that
