The ratings take into account FMC Corp's announcement that it will split the existing business into two independent publicly traded companies. In mid-May, the company plans to launch an IPO of up to 20% of FMC Technologies Inc., which will contain the oilfield services, food processing systems, and airport equipment businesses. The company then plans to make a tax-free distribution of the remaining shares of FMC Technologies to existing shareholders by the end of 2001. Following the proposed split, FMC Corp.'s ratings will reflect an average business profile derived from leading positions in diverse industrial, agricultural, and specialty chemicals businesses, and moderate financial policies that support credit quality. The divestiture of FMC Technologies will reduce business diversity while establishing the
