...February 23, 2022 CHICAGO (S&P Global Ratings) Feb. 23, 2022--S&P Global Ratings today assigned its 'A' issue-level rating to Chicago-based food processing and commodities trading company Archer Daniels Midland Co.'s (ADM) senior unsecured sustainable notes (final amounts and maturities to be determined). The company intends to use the net proceeds from these notes to finance or refinance eligible social and green projects. We estimate leverage as of the fiscal year ended Dec. 31, 2021, was about 1.3x, which is lower than we previously expected despite a step-up in its merger and acquisition (M&A) activity in recent quarters. ADM transacted over $1.5 billion of acquisitions in 2021 centered around pet treats, probiotic and dietary supplements, and plant-based proteins. The acquisitions align with the company's strategy to expand capabilities in its nutrition segment, which generated 20% operating profit growth in 2021. We expect ADM will continue to increase the segment's operating profit...
