Global leader in grain processing, food ingredients, and ethanol production; Growing geographic diversification; and Cyclical earnings with a currently favorable outlook. Low working capital cycle has resulted in strong cash flows, and low debt and leverage levels; Acquisitive growth strategy and ongoing shareholder returns, albeit currently funded with cash flow, temper the company's good credit measures; and Very liquid balance sheet, with high cash balances and liquid Readily Marketable Inventories (RMI), a portion of which we net against debt. The stable outlook reflects Standard&Poor's Rating Services' opinion that Archer Daniels Midland Co. (ADM) will steadily increase earnings over the next two years, allowing it to quickly lower leverage and improve credit measures to levels that remain at the
