The ratings incorporate FMC Corp.'s proposed plan to split the existing business into two independent publicly traded companies. In June, the company successfully completed the IPO of 17% of FMC Technologies Inc., which contains the oilfield services, food processing systems, and airport equipment businesses. FMC plans to complete the divestiture through a tax-free distribution of the remaining shares of FMC Technologies to existing shareholders or through an exchange offer by the end of 2001. Following the proposed split, ratings for FMC Corp. 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
