The ratings on Decatur, Ill.-based Archer Daniels Midland Co. (ADM) are supported by its position as one of the world's leading agribusiness companies, with major market positions in agricultural processing and merchandising. This is offset by the continuing difficult agricultural operating environment, exacerbated by insufficient returns on recent investments, which has reduced ADM's credit protection measures. Over the years, ADM steadily has built up its position as an important materials supplier to food and beverage companies as well as to farmers. Although ADM is a diversified commodity company in inherently cyclical businesses, its revenues and earnings are closely tied to oilseeds and corn processing. A common denominator in its core businesses is a fairly efficient production philosophy and vertical integration;
