Summary: Archer Daniels Midland Co.

Global leader in grain merchandising&processing, corn&wheat milling, and ethanol production; Significant economies of scale with growing geographic and product diversification; and Cyclical earnings with a significantly improved operating outlook given strong North American crush margins. The Neovia acquisition will increase pro forma debt to EBITDA closer to 2.5x compared with a ratio of just under 2x for the 12 months ended Sept 30, 2018 Track record of cautiously managing capital expenditures and shareholder returns during weak operating cycles to maintain consistent leverage levels; and Very liquid balance sheet, with high cash balances and liquid Adjusted Readily Marketable Inventories (ARMI), a portion of which we net against debt. S&P Global Ratings' stable outlook on Archer Daniels Midland

...Business Risk: Strong Financial Risk: Intermediate + Global leader in grain merchandising & processing, corn & wheat milling, and ethanol production; + Significant economies of scale with growing geographic and product diversification; and + Cyclical earnings with a significantly improved operating outlook given strong North American crush margins. + The Neovia acquisition will increase pro forma debt to EBITDA closer to 2.5x compared with a ratio of just under 2x for the 12 months ended Sept 30, 2018 + Track record of cautiously managing capital expenditures and shareholder returns during weak operating cycles to maintain consistent leverage levels; and + Very liquid balance sheet, with high cash balances and liquid Adjusted Readily Marketable Inventories (ARMI), a portion of which we net against debt....

Summary