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Prospect News home > News index > List of issuers A > Headlines for Archer-Daniels-Midland Co. > News item |
Fitch rates ADM notes A+
Fitch Ratings said it assigned an A+ rating to Archer Daniels Midland Co.'s proposed offering of $700 million notes due 2018.
ADM has a long-term issuer default rating at A+, senior unsecured notes at A+, convertible notes at A+, credit facilities at A+, short-term issuer default rating at F1 and commercial paper at F1.
The outlook is negative.
Proceeds will be used to refinance commercial paper and for general corporate purposes.
The proposed debentures contain a change-of-control trigger. Upon a change of control and rating downgrade below investment grade, unless ADM has exercised its right to redeem the debentures, the company will be required to make an offer to purchase the notes at 101% of the principal amount plus accrued interest.
The debentures will be issued under the company's indenture dated Sept. 20, 2006.
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