NEW YORK (Standard&Poor's) Feb. 5, 2008--Standard&Poor's Ratings Services said today that the ratings and outlook on Archer Daniels Midland Co. (ADM; A/Stable /A-1) currently would not be affected following the company's Feb. 4, 2008, second-quarter earnings announcement. Although the company had record profits, debt leverage, especially short-term debt, increased significantly due to great working capital levels resulting from higher commodity costs and increased volumes. Inventories and accounts receivables equaled about $19.5 billion at Dec. 31, 2007, and provide a degree of financial flexibility because of their liquid nature. The increase in leverage and working capital is in part a result of the normal seasonality of the company's merchandising activities and business model, but there is one
