Global leader in grain processing, food ingredients, and ethanol production. Modestly growing geographic and product diversification as the company invests in its ingredients business. Cyclical earnings with a currently unfavorable outlook. Currently strong cash flow ratios that are likely to modestly weaken as the company faces a lower earnings cycle. Debt balances that we expect to modestly increase as the company does not cut back on share repurchases despite a weaker earnings outlook. Very liquid balance sheet, with high cash balances and liquid adjusted readily marketable inventories (ARMI), a portion of which we net against debt. The stable outlook reflects Standard&Poor's Ratings Services' opinion that despite challenging business conditions and increasing debt balances over the next year, Archer
