We believe Cargill Inc.'s weaker-than-anticipated fiscal 2012 earnings may not rebound sufficiently to restore currently weakened credit measures to levels that support the ratings until fiscal 2014. We are revising our outlook to negative from stable. We are also affirming our rating on Cargill, including the 'A' long-term and 'A-1' short-term corporate credit ratings. The negative outlook reflects the risk of continued lower earnings and weaker adjusted credit measures over the next year. On Aug. 15, 2012, Standard&Poor's Ratings Services affirmed its ratings on Minnetonka, Minn.-based Cargill Inc. (Cargill), including the 'A' long-term and 'A-1' short-term corporate credit ratings. We also revised the outlook to negative from stable. The outlook revision reflects our belief that Cargill's earnings and
