Cargill Inc.'s Senior Unsecured Notes Rated 'A'

NEW YORK (S&P Global Ratings) April 17, 2023--S&P Global Ratings today assigned its 'A' issue-level rating to Minneapolis-based Cargill Inc.'s senior unsecured notes, which it will issue in two dollar-denominated tranches and one euro-denominated tranche (final amounts and maturities to be determined). We expect the company will use the net proceeds from these notes for general corporate purposes, including to reduce its short-term borrowings following its about $3.6 billion of recent acquisition spending, which includes its 50/50 joint venture investment in Wayne-Sanderson Farms (a U.S. chicken processor) and the purchases of Equus UK TopCo (a performance-technologies bio-based industrial business) and Owensboro Grain Co. (a soybean processing and refining facility). Our 'A' issuer credit rating and stable outlook on Cargill are

...April 17, 2023 NEW YORK (S&P Global Ratings) April 17, 2023--S&P Global Ratings today assigned its 'A' issue-level rating to Minneapolis-based Cargill Inc.'s senior unsecured notes, which it will issue in two dollar-denominated tranches and one euro-denominated tranche (final amounts and maturities to be determined). We expect the company will use the net proceeds from these notes for general corporate purposes, including to reduce its short-term borrowings following its about $3.6 billion of recent acquisition spending, which includes its 50/50 joint venture investment in Wayne-Sanderson Farms (a U.S. chicken processor) and the purchases of Equus UK TopCo (a performance-technologies bio-based industrial business) and Owensboro Grain Co. (a soybean processing and refining facility). Our 'A' issuer credit rating and stable outlook on Cargill are unchanged because its leverage remains well within our expectations, including debt to EBITDA of 0.9x for the 12 months ended Feb. 28, 2023, which...

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