The ratings on Cargill Inc. and related entities are supported by the firm's position as one of the world's leading agribusiness companies, with major market positions in agricultural processing and merchandising, industrial production, and financial services. However, recent transactions in Standard&Poor's view indicate a more aggressive business and financial profile. Standard&Poor's views Cargill's risk management and financial businesses as having a higher business risk profile than its core agricultural operations. This business, which had shrunk in the late 1990s, has grown in recent years and has accounted for between 30% and 40% of earnings from continuing operations in the past three years. The recent formation of Black River Asset Management and related entities is considered to
