FMC Corp. is issuing senior secured notes to pay down its 3.2% unsecured notes due October 2026 and some revolver borrowings. In addition, the company has announced that it will divest its India commercial crop-protection business by year end. We expect it will use the $252 million in proceeds (subject to working-capital adjustments) for debt reduction. We affirmed our ?BB+? issuer credit rating on FMC. At the same time, we assigned our ?BBB-? issue-level rating to the company?s proposed secured notes due 2031. The recovery rating is ?1? (rounded estimate: 95%, capped). We also revised our recovery rating on the unsecured debt to ?4? (rounded estimate: 35%) from ?3? (rounded estimate: 65%). In addition, we affirmed the issue-level ratings on
