Global and well-diversified chemical operations with strong market positions in a range of products across diverse industrial, agricultural, and specialty chemicals businesses; Lower-than-average dependence on petrochemical feedstocks and energy; Attractive and relatively stable operating margin, and high return on capital; and Moderate financial policies. Significant pension and environmental liabilities; Some exposure to cyclical end markets; and Regulatory and supply concentration risks. The ratings on FMC Corp. reflect an intermediate financial risk profile and a satisfactory business risk profile that stems from its leading positions in certain agricultural, specialty, and industrial chemicals markets. Based in Philadelphia, Pa., FMC is a global chemical manufacturer with trailing-12-month sales of about $3.3 billion. Its business mix varies, ranging from mature, commodity industrial chemical product
