...December 18, 2025 DENVER (S&P Global Ratings) Dec. 18, 2025--S&P Global Ratings today assigned its '###-' issue- level rating and '1' recovery to FMC Corp.'s existing $2 billion revolving credit facility (RCF) due 2028. The '1' recovery rating indicates our expectation for very high (90%-100%; rounded estimate: 95%) recovery in the event of a default. While the RCF is not currently secured, we assume this will happen long before default due to a provision requiring the company to pledge essentially all its assets if its rating from two of three rating agencies falls below `##+'. Therefore, we assigned our '###-' issue-level and '1' recovery rating to the RCF, indicating that it will have priority in claims over the unsecured debt in the event of default. The ratings of debt issued by companies with an issuer credit rating (ICR) of '##+' are typically not notched up more than once (above the ICR), regardless of the recovery rating....
