FMC Corp. Subordinated Hybrid Notes Rating Corrected To 'B+' From 'BB+' - S&P Global Ratings’ Credit Research

FMC Corp. Subordinated Hybrid Notes Rating Corrected To 'B+' From 'BB+'

FMC Corp. Subordinated Hybrid Notes Rating Corrected To 'B+' From 'BB+' - S&P Global Ratings’ Credit Research
FMC Corp. Subordinated Hybrid Notes Rating Corrected To 'B+' From 'BB+'
Published Nov 25, 2025
3 pages (1288 words) — Published Nov 25, 2025
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Abstract:

DENVER (S&P Global Ratings) NOV. 25, 2025--S&P Global Ratings today corrected its issue-level ratings on FMC Corp. ?s subordinated hybrid notes due in 2055 to ?B+? from ?BB+?. Due to an error in the application of criteria relating to hybrid instruments, we mistakenly raised our issue-level rating on the notes to 'BB+' (rather than lower to 'B+') when we lowered our issuer credit rating on FMC Corp. to 'BB+' from 'BBB-' on Nov. 24, 2025. Based on our hybrid criteria, we assign issue-level ratings to hybrid capital instruments by notching down from the issuer credit rating. For speculative-grade issuers of subordinated debt, such as FMC's subordinated hybrid notes, we notch down twice for subordination and apply a third notch for

  
Brief Excerpt:

...November 25, 2025 DENVER (S&P Global Ratings) NOV. 25, 2025--S&P Global Ratings today corrected its issue-level ratings on FMC Corp.'s subordinated hybrid notes due in 2055 to `B+' from `##+'. Due to an error in the application of criteria relating to hybrid instruments, we mistakenly raised our issue-level rating on the notes to '##+' (rather than lower to 'B+') when we lowered our issuer credit rating on FMC Corp. to '##+' from '###-' on Nov. 24, 2025. Based on our hybrid criteria, we assign issue- level ratings to hybrid capital instruments by notching down from the issuer credit rating. For speculative-grade issuers of subordinated debt, such as FMC's subordinated hybrid notes, we notch down twice for subordination and apply a third notch for the payment flexibility because the option to defer interest stands with the issuer. Based on our '##+' issuer credit rating on the issuer, the correct issue-level rating for the subordinated hybrid notes is 'B+'....

  
Report Type:

Ratings Action

Ticker
FMC
Issuer
FMC Corp.
GICS
Fertilizers & Agricultural Chemicals (15101030)
Sector
Global Issuers
Country
United States
Region
United States
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "FMC Corp. Subordinated Hybrid Notes Rating Corrected To 'B+' From 'BB+'" Nov 25, 2025. Alacra Store. Nov 07, 2026. <http://www.alacrastore.com/s-and-p-credit-research/FMC-Corp-Subordinated-Hybrid-Notes-Rating-Corrected-To-B-From-BB-3486005>
  
APA:
S&P Global Ratings’ Credit Research. (). FMC Corp. Subordinated Hybrid Notes Rating Corrected To 'B+' From 'BB+' Nov 25, 2025. New York, NY: Alacra Store. Retrieved Nov 07, 2026 from <http://www.alacrastore.com/s-and-p-credit-research/FMC-Corp-Subordinated-Hybrid-Notes-Rating-Corrected-To-B-From-BB-3486005>
  
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