U.S.-based Archer Daniel Midland Co.'s (ADM's) 2013 free cash flow generation was better than expected, allowing for meaningful debt repayment and credit measure improvement. Following the Australian government's block of the GrainCorp acquisition, and given a benign grain inflation outlook, we believe ADM's credit measures will remain stable over the next one to two years, despite the likelihood of higher dividends and share repurchases. We are affirming the ratings on ADM, including the 'A' corporate credit rating. We are revising the outlook to stable from negative, reflecting our belief that earnings will rebound over the next year while ADM sustains its positive free cash flow generation. NEW YORK (Standard&Poor's) Feb. 24, 2014--Standard&Poor's Ratings Services today affirmed
