On May 27, 2005, Standard&Poor's Ratings Services assigned its 'BBB-' rating to FMC Corp.'s proposed $850 million of senior unsecured credit facilities, subject to preliminary terms and conditions. At the same time, Standard&Poor's affirmed its 'BBB-' corporate credit rating and raised the ratings on the existing senior notes to 'BBB-' from 'BB+' to reflect the noteholders' improved recovery prospects following the removal of security supporting the company's bank facilities. Under the previous bank facility arrangements, FMC's noteholders were disadvantaged because bank lenders benefited from a first-priority security interest in domestic accounts receivable and inventory. The new facilities are unsecured and consist of a $500 million revolving credit facility and a $350 million term loan due 2010,
