FMC Corp. Outlook Revised To Stable From Positive; Ratings Affirmed

We anticipate a more challenging operating environment in 2020 will depress what we expected to be moderate improvement in EBITDA and credit measures. We are affirming our 'BBB-' issuer credit rating on FMC Corp. At the same time, we are affirming our 'BBB-' issue ratings and 'A-3' short-term rating. We are revising the outlook to stable from positive, reflecting our view of a lower likelihood for an upgrade in 2020. Given the greater uncertainty related to the COVID-19 pandemic on demand and operating conditions, we anticipate 2020 funds from operations (FFO) to total debt will remain in the 20%-30% range we expect for the rating. For an upgrade, we would expect weighted-average FFO to debt sustainably above 30%. NEW YORK

...June 17, 2020 - We anticipate a more challenging operating environment in 2020 will depress what we expected to be moderate improvement in EBITDA and credit measures. - We are affirming our '###-' issuer credit rating on FMC Corp. At the same time, we are affirming our '###-' issue ratings and 'A-3' short-term rating. - We are revising the outlook to stable from positive, reflecting our view of a lower likelihood for an upgrade in 2020. Given the greater uncertainty related to the COVID-19 pandemic on demand and operating conditions, we anticipate 2020 funds from operations (FFO) to total debt will remain in the 20%-30% range we expect for the rating. For an upgrade, we would expect weighted-average FFO to debt sustainably above 30%. NEW YORK (S&P Global Ratings) June 17, 2020--S&P Global Ratings today took the rating actions listed above. Our outlook revision to stable from positive reflects our belief that EBITDA and credit measures will not improve in 2020 as much as we previously expected....

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