On Sept. 23, 2002, Standard&Poor's Ratings Services assigned its 'BBB-' rating to FMC Corp's proposed $550 million senior secured credit facilities and affirmed its 'BBB-' corporate credit rating on the diversified chemicals company. The outlook is revised to negative from stable. At the same time, Standard&Poor's assigned its 'BB+' rating to FMC's proposed $300 million senior secured notes due 2009 and lowered the ratings on its existing senior unsecured notes from 'BBB-' to 'BB+'. The downgrade reflects the noteholders' diminished recovery prospects in a default and liquidation scenario, pro forma for completion of the refinancing plan that will provide the holders of bank obligations with a first-priority claim on assets. Proceeds of the notes, which will
