On Nov. 22, 2005, Standard&Poor's Ratings Services revised its outlook on FMC Corp. to positive from stable. At the same time, we affirmed our 'BBB-' corporate credit and senior unsecured debt ratings on the company. These rating actions reflect continued strengthening of the financial profile. During the first nine months of 2005, the company used cash on hand, asset sale proceeds, and healthy free operating cash flow to meaningfully reduce debt (to just under $1 billion at Sept. 30, 2005, including capitalized operating leases and tax-effected unfunded postretirement obligations). FMC's recent receipt of approximately $100 million in proceeds from the sale of its troubled Astaris joint venture will result in a level of net debt with which management
