Crop protection company FMC Corp. took roughly $675 million in largely noncash charges related to commercial pricing actions in its third quarter. Weak demand and customers’ limited tolerance for keeping high inventory in the channel have hurt FMC’s operating performance. S&P Global Ratings now believes the company’s performance in 2027 and 2028 will produce credit measures that are not consistent with the prior rating. We therefore lowered our issuer credit rating on FMC by two notches to ‘BB-’ from ‘BB+’ and removed the ratings from CreditWatch, where we placed them with negative implications on Oct. 16, 2026. We also lowered our issue-level rating on FMC’s unsecured debt to ‘B+’ and revised the recovery rating to ‘5’ from ‘4’, indicating our
