Research Update: FMC Corp. Outlook Revised To Stable From Positive; Ratings Affirmed

We anticipate a more challenging operating environment in 2020 will depress what we expected to be moderate improvement in EBITDA and credit measures. We are affirming our 'BBB-' issuer credit rating on FMC Corp. At the same time, we are affirming our 'BBB-' issue ratings and 'A-3' short-term rating. We are revising the outlook to stable from positive, reflecting our view of a lower likelihood for an upgrade in 2020. Given the greater uncertainty related to the COVID-19 pandemic on demand and operating conditions, we anticipate 2020 funds from operations (FFO) to total debt will remain in the 20%-30% range we expect for the rating. For an upgrade, we would expect weighted-average FFO to debt sustainably above 30%. Our outlook

...- We anticipate a more challenging operating environment in 2020 will depress what we expected to be moderate improvement in EBITDA and credit measures. - We are affirming our '###-' issuer credit rating on FMC Corp. At the same time, we are affirming our '###-' issue ratings and 'A-3' short-term rating. - We are revising the outlook to stable from positive, reflecting our view of a lower likelihood for an upgrade in 2020. Given the greater uncertainty related to the COVID-19 pandemic on demand and operating conditions, we anticipate 2020 funds from operations (FFO) to total debt will remain in the 20%-30% range we expect for the rating. For an upgrade, we would expect weighted-average FFO to debt sustainably above 30%....

Research Update