U.S.-based Archer Daniels Midland (ADM) announced today that it holds a 14.9% economic interest in Australian grain handler GrainCorp Ltd. (unrated), and that it plans to pursue an acquisition of GrainCorp. Details of potential financing have not been disclosed, although there is a possibility that credit measures will weaken further if there is a significant component of debt-financing. We are placing all ratings on ADM on CreditWatch with negative implications. On Oct 19, 2012, Standard&Poor's Ratings Services placed all ratings on Decatur, Ill.-based Archer Daniels Midland Co. (ADM), including its 'A' long term corporate credit ratings and 'A-1' commercial paper rating, on CreditWatch with negative implications. ADM had approximately $10.3 billion in reported debt outstanding as of June
