On Sept. 13, 2005, Standard&Poor's Ratings Services lowered its corporate credit and senior unsecured debt ratings on agribusiness processor, Archer Daniels Midland Co. (ADM), to 'A' from 'A+'. At the same time, the short-term corporate credit and commercial paper ratings on ADM and Golden Peanut Company LLC (commercial paper is guaranteed by ADM) were affirmed. The outlook is stable. Total debt (including capitalized operating leases) on Decauter, Ill.-based ADM was $4.4 billion at June 30, 2005. The downgrade reflects Standard&Poor's view that although the company has made some progress in improving credit protection measures, these measures are still below our expectations and will not likely improve to more appropriate levels for the rating in the near
