The ratings on Archer Daniels Midland Co. (ADM) reflect Standard&Poor's Ratings Services' opinion that the company has a "strong" business risk profile (as our criteria define the term), supported by its position as one of the world's leading agribusiness companies, with major market positions in agricultural processing and merchandising, and ethanol production. Although ADM participates in the challenging agribusiness industry, which is characterized by volatility in commodity prices, we believe management's ongoing capital investments in its core business lines will generate meaningful earnings growth over the next several years and increase geographic diversity, thus helping offset earnings volatility. Our ratings also reflect our assessments of ADM's financial risk as "intermediate", primarily reflecting the company's strong liquidity and our
