The ratings on Archer Daniels Midland Co. (ADM) reflect a strong business risk profile, supported by the company's position as one of the world's leading agribusiness companies, with major North American market positions in agricultural processing, merchandising, and ethanol production; and a modest financial profile, characterized by a highly liquid balance sheet and a history of maintaining a debt to EBITDA ratio less than 2.5x. In addition, Standard&Poor's Ratings Services believes the company's experienced management team has on average generated stable EBITDA margins close to or higher than 5%, despite operating in the low margin and challenging agricultural industry with inherent volatility in commodity prices. We believe ADM will continue its modest financial policies to maintain the current
