Fitch affirms Cargill

Fitch Ratings said it affirmed Cargill, Inc.'s long-term issuer default rating at A, senior notes at A, credit facility at A and short-term issuer default rating at F1.

The outlook is stable.

Cargill's ratings reflect its competitive position as the largest agricultural company based in the United States and one of the largest privately owned companies in the world, the agency said.

Ratings incorporate Cargill's extensive geographic and product line diversification as well as its liquidity, the agency said.

Offsetting Cargill's credit strengths are the company's exposure to higher risk financial businesses and susceptibility to periodic negative free cash flow, the agency noted.

The company's adjusted total debt-to-operating EBITDA ratio was 1.5 times for the 12 months ended Aug. 31.

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