On Sept. 22, 2004, Standard&Poor's Ratings Services assigned its 'BBB-' rating to FMC Corp.'s proposed $550 million of secured credit facilities, subject to preliminary terms and conditions. At the same time, Standard&Poor's revised its outlook on FMC Corp. to stable from negative, citing the developing trend of improvement to overall operating results, continuing commitment to debt reduction, and the notable progress toward the permanent reduction of contingent obligations. These trends, together with the immediate benefits of the proposed financing plan, including the extension of debt maturities and greater access to liquidity, will serve to reduce the risk of a downgrade over the next few years. Standard&Poor's also affirmed its 'BBB-' corporate credit rating and
