NEW YORK (S&P Global Ratings) May 19, 2025--S&P Global Ratings today said it assigned its ?BB? issue rating to the proposed unsecured subordinated hybrid notes due in 2055 to be issued by global agricultural sciences company FMC Corp. (BBB-/Negative/A-3). The rating is two notches lower than our ?BBB-? long-term issuer credit rating on FMC. One notch reflects the notes? subordination, and we deduct an additional notch for payment flexibility because the option to defer interest stands with the issuer. The rating on the proposed hybrid is two notches below the ratings on FMC?s senior unsecured notes. We assess the proposed notes as having intermediate equity content. The instrument can absorb losses by allowing interest deferral, is subordinate to all senior
