On Oct. 1, 2002, Standard&Poor's Ratings Services assigned its 'A+' senior unsecured debt rating to Archer Daniels Midland Co.'s (ADM) $500 million 5.875% debentures due 2032, a Rule 415 shelf drawdown. Decatur, Ill.-based ADM has about $5.0 billion in debt currently outstanding. At the same time, Standard&Poor's revised the outlook to negative. The outlook revision reflects Standard&Poor's concerns about continuing weakness in ADM's credit protection measures and its aggressive investment strategy. The ratings are supported by ADM's position as one of the world's leading agribusiness companies, with major market positions in agricultural processing and merchandising. This is offset by the continuing difficult agricultural operating environment, exacerbated by insufficient returns on recent investments, which has
