Standard&Poor's Ratings Services' ratings on Philadelphia, Pa.-based global chemical manufacturer FMC Corp. reflect an "intermediate" financial risk profile and a "strong" business risk profile that stems from the company's leading positions in certain agricultural, specialty, and industrial chemicals markets. With trailing-12-month sales of about $3.6 billion, FMC operates in businesses ranging from mature, commodity industrial chemical product lines--such as soda ash and peroxygens--to faster-growing, higher value-added agrochemicals. It also has strong niche positions in specialty chemicals such as microcrystalline cellulose, carrageenan, alginates, and lithium products. We believe that FMC benefits from its backward integration into soda ash and lithium mining, which we believe will help the company to maintain a cost advantage. In its agricultural chemicals segment, FMC
