This report does not constitute a rating action. FMC Corp. 's (BBB-/Negative/A-3) operating performance over the past two years has been weak relative to S&P Global Ratings' expectations. An earnings trough in 2023 and 2024, uncharacteristic in its depth and extent for a specialty chemical company, reduced earnings and drove up debt leverage. Here, S&P Global Ratings discusses our expectations for earnings and credit metrics. We also address the various credit challenges we believe FMC will face and our assumptions for our ratings on the company. FMC?s debt leverage at the end of the first quarter of 2025 is high relative to our expectations at the rating, primarily attributable to the company?s weak earnings. However, on a weighted average basis
