Archer Daniels Midland Co.'s Senior Unsecured Notes Rated 'A'

NEW YORK (S&P Global Ratings) March 25, 2020--S&P Global Ratings today assigned its 'A' issue-level rating to Chicago-based food processing and commodities trading company Archer Daniels Midland Co.'s (ADM) senior unsecured notes (final amounts and maturities to be determined). We expect the company to use the net proceeds from these notes for general corporate purposes, including to repay outstanding commercial paper.
ADM is a leading global grain processor and trader with a large biofuels business (particularly in U.S. ethanol) that is slowly diversifying into more value-added food and feed ingredients. The company's leading market positions in agribusiness, its significant economies of scale, and its modestly improving product and geographic diversity underpin its business strength. Although well-positioned globally, ADM's commodity-based businesses are subject to weak earning cycles, which the company seeks to mute through a combination of product diversification and disciplined cost control.
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