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; Weak credit protection measures; Its aggressive investment strategy; and Cyclical and commodity industry conditions. The ratings on Decatur, Ill.-based Archer Daniels Midland Co. (ADM) are supported by its position as one of the world's leading agribusiness companies, with major market positions in agricultural processing and merchandising. This is offset by the continuing difficult agricultural operating environment, exacerbated by insufficient returns on recent investments, which has reduced ADM's credit protection measures. Over the years, ADM steadily has built up its position as an important materials supplier to food and
