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Prospect News home > News index > List of issuers A > Headlines for Archer-Daniels-Midland Co. > News item |
S&P rates ADM notes BBB+
Standard & Poor's said it assigned a BBB+ rating to Archer Daniels Midland Co.'s proposed $1.75 billion of senior unsecured notes due 2041 (or as early as June 1, 2013, upon a successful remarketing) to be issued as part of $1.75 billion of equity units.
The agency affirmed the A long-term and A-1 short-term corporate credit ratings.
The outlook is stable.
Ratings are supported by the company's position as one of the world's leading agribusiness companies, with major market positions in agricultural processing and merchandising as well as ethanol production, a moderate financial profile and an experienced management team, the agency said.
This is offset by a challenging agricultural operating environment with commodity prices rising to record highs, S&P said.
The issuer's total debt-to-EBITDA ratio was 3.6 times for the 12 months ended March 31.
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