The company's position as a major player in commodity processing, Its cash flow generation, and Its sizable cash and marketable securities balances. The company's lack of financial flexibility for further debt-financed acquisitions, Its aggressive investment strategy, and Cyclical and commodity industry conditions. A continuing difficult agricultural operating environment, exacerbated by insufficient returns on recent investments, has reduced Archer Daniels Midland Co.'s (ADM) financial flexibility. Still, the ratings are supported by ADM's position as one of the world's leading agribusiness companies, with major market positions in agricultural processing and merchandising as well as industrial production. Standard&Poor's expects that ADM's financial policies will remain consistent with the current rating level, despite the company's aggressive investment program for capital spending, asset
