A coating composition comprising components A, B and optionally C, wherein component A comprises at least one carboxy-terminated polyarylate. Component B is an organic species which can react with the terminal carboxy groups of component A, and component C is a catalyst or mixture of catalysts. The carboxy-terminated polyarylates are prepared by a solution polymerization method wherein a stoichiometric excess of a diacid chloride is reacted with a dihydroxy-substituted aromatic compound (e.g. resorcinol) in the presence of an organic base and a limited amount of water to produce an initially formed polyarylate comprising anhydride linkages. The initially formed polyarylate is then subjected to selective hydrolysis of the anhydride linkages to provide a low molecular weight carboxy-terminated polyarylate.