Global and well-diversified chemical operations with strong market positions in a range of products across diverse industrial, agricultural, and specialty chemicals businesses; Some vertical integration, resulting in a favorable cost position; Lower-than-average dependence on petrochemical feedstocks and energy; and Moderate financial policies. Some earnings volatility due to cyclical end markets, such as construction, agriculture, and pulp and paper; Possibility that sizable acquisition or shareholder initiatives could weaken the financial profile; Meaningful environmental liabilities; and Moderate credit risk related to sales of agricultural products in Brazil. The ratings on FMC Corp. reflect a satisfactory business profile derived from well-established positions in industrial, agricultural, and specialty chemicals businesses, and moderate financial policies. Philadelphia, Pa.-based FMC is a global and diversified chemical manufacturer
