S&P rates ADM Ag notes A

S&P said it assigned its A issue-level rating to ADM Ag Holdings Ltd.'s three-year senior unsecured notes guaranteed by Archer Daniels Midland Co. ADM Ag is a wholly owned subsidiary of ADM.

At maturity, the notes can either be repaid with cash or exchanged into a predetermined number of Wilmar shares currently held by ADM Ag subject to adjustments described in the note offering.

S&P said it expects the company to use the proceeds for general corporate purposes, including to repay debt.

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