The ratings on 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, merchandising, and ethanol production; a moderate financial profile; an experienced management team; and a highly liquid balance sheet. These strengths are offset by a challenging agricultural operating environment with inherent volatility in commodity prices. It is Standard&Poor's Rating Services' belief that ADM will continue its prudent financial policies to maintain the current ratings. Over the years, ADM has steadily built its position as an important materials supplier to food and beverage companies, as well as farmers. Although ADM is a diversified commodity company in an inherently cyclical businesses, its revenues
