FMC Corp. entered into a definitive agreement to sell its Alkali Chemicals business to Tronox Ltd. for $1.64 billion. We expect this sale and FMC's acquisition of Cheminova A/S to close in early 2015. We are lowering the long-term corporate credit rating and senior unsecured debt ratings on FMC to 'BBB+' from 'A-' and removing the ratings from CreditWatch, where we placed them with negative implications on Sept. 9, 2014. We are also affirming our 'A-2' short-term corporate credit rating and 'A-2' commercial paper ratings on FMC. The stable outlook reflects our expectation that both transactions will close as expected and that operating performance improvements, the integration of Cheminova, and a focus on deleveraging will lead to an improvement in
