Fitch Rates ADM's Proposed Equity Units and Related Senior Notes 'A'; Outlook Stable.CHICAGO -- Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. has assigned an 'A' rating to Archer Daniels Midland The Archer Daniels Midland Company (NYSE: ADM), is a conglomeration based in Decatur, Illinois. ADMoperates more than 270 plants worldwide, where cereal grains and oilseeds are processed into numerous products used in food, beverage, nutraceutical, industrial and animal feed Company's (ADM See add/drop multiplexer. (language) ADM - A picture query language, extension of Sequel2. ["An Image-Oriented Database System", Y. Takao et al, in Database Techniques for Pictorial Applications, A. Blaser ed, pp. 527-538]. ) proposed issuance of up to $2.0 billion of equity units and the related senior notes. The equity units incorporate a forward purchase by the investors of common shares of ADM no later than on June 1, 2011. The equity units are an effective source of equity at a future date within a committed price band. The units will not qualify for immediate equity credit, but will be accorded class C (50% equity and 50% debt) equity credit starting June 1, 2010. Prior to that date, Fitch will incorporate the expected exercise of the forward equity contract on the exercise date in its qualitative analysis and in its forecasts for ADM. Overall the proposed offering is viewed favorably for ADM's credit profile. ADM's other ratings are as follows: --Long-term Issuer Default Rating (IDR IDR In currencies, this is the abbreviation for the Indonesian Rupiah. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. ) 'A'; --Senior unsecured debentures 'A'; --Convertible notes 'A'; --Credit facilities 'A'; --Short-term IDR 'F1'; --Commercial paper 'F1'. The Rating Outlook is Stable. ADM's total debt was $11.0 billion at March 31, 2008. For additional information see the related ADM press release dated May 22, 2008 at www.fitchratings.com. Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site. |
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