...NEW YORK (S&P Global Ratings) Sept. 4, 2018--S&P Global Ratings today assigned its 'A' issue-level rating to Chicago-based Archer Daniels Midland Co.'s (ADM) 500 million euro-denominated senior unsecured notes due September 2025, final amounts to be determined. We expect the company to use the net proceeds for general corporate purposes, including any future financing requirements for the pending 1.5 billion acquisition of Neovia. We estimate the acquisition will increase pro forma debt to EBITDA to above 2.5x compared with a ratio of about 2.1x for the 12 months ended June 30, 2018. Although the company's pro forma leverage is above our 2.5x downgrade trigger, we do not expect it to stay there because we are projecting a meaningful (greater than 10%) year-over-year rebound in EBITDA in 2018, underpinned by a strong North American outlook for soybean crush margins, including a significant unwind of the company's first half 2018 working capital build up, which occurred in part to take advantage...
