Global leader in grain processing, food ingredients, and ethanol production with significant economies of scale. Modestly growing geographic and product diversification as the company invests in its ingredients business. Cyclical earnings with a moderately improving outlook following recent quarters of largely anticipated under-performance. Modestly improving cash flow ratios as the company's EBITDA begins to rebound from cyclical lows. Recent increase in debt balances over the past year, due in part to fund shareholder returns, may result in less cushion for the company to operate inside of its 2.5x debt to EBITDA downgrade trigger. Very liquid balance sheet, with high cash balances and liquid Adjusted Readily Marketable Inventories (ARMI), a portion of which we net against debt. S&P Global Ratings' stable
