The ratings on FMC Corp. reflect an average business profile derived from solid positions in industrial, agricultural, and specialty chemicals businesses, and moderate financial policies that support credit quality. Philadelphia, Pa.-based FMC has about $2.1 billion of annual sales and approximately $1.1 billion of outstanding debt (including adjustments to capitalize operating leases). FMC is a global and well-diversified chemical operator. The business mix varies from mature and slower-growth commodity product lines, such as phosphates, soda ash, and hydrogen peroxide, to higher value-added agrochemicals and strong niche positions within hydrocolloids, microcrystalline cellulose, and lithium products. FMC's business positions within its industrial chemicals segment are bolstered by leading market shares and low-cost production economics that result in better-than-average profit margins. In the
