...Sectors and Subsectors: This report presents the key peer-comparator elements observed, or expected, for companies that process and trade physical commodities. These companies refer to traders of commodities spanning from metals and oil to agricultural products. It excludes entities that wholly conduct speculative trading activities, but includes those that have invested down the value chain and sell higher-value processed commodities such as edible oil or biodiesel. Key Factors: The Sector Risk Profile defines and groups companies operating in the sector into a "natural rating territory" based on Fitch Ratings' view of the inherent risk profile of the industry. Each company's overall risk profile generally does not stray too far from this rating range. After assessing the operating environment, then management and corporate governance, the navigator examines four sector-specific factors for given rating levels. Finally, three financial profile factors help capture financial attributes...
