On July 7, 2014, U.S.-based Archer Daniels Midland Co. (ADM) announced the acquisition of WILD Flavors in a transaction valued at about €2.3 billion. We believe the all-cash transaction will likely occur by the end of fiscal 2014 and will primarily be funded with debt, resulting in an estimated pro forma debt to EBITDA of more than 2x, from which we believe the company will quickly deleverage. We are affirming the ratings on ADM, including the 'A' corporate credit rating, albeit with a revision in our liquidity descriptor to "adequate" from "strong." The stable outlook reflects our expectation for material deleveraging in fiscal 2015 once the acquisition closes. On July 7, 2014, Standard&Poor's Ratings Services affirmed its ratings
