One of Europe's leading rubber and styrene producers, with a partially integrated production process leading to more cost efficiency and higher EBITDA margins than peers'. Strong regional market share, with long-standing global customer relationships. A large portion of its revenues are also precontracted. Highly commoditized production profile. High volatility of profitability driven by raw materials derived from crude oil, and exposure to volatile end markets, such as tire production and construction. Relatively low leverage for the rating category and adequate liquidity. Weak free operating cash flow (FOCF) generation due to high estimated capital expenditure (capex) spending over the next few years. Dividend payouts are expected to reduce if the leverage passes above a certain threshold. S&P Global Ratings' stable outlook
