The ratings on FMC Corp. reflect an intermediate business profile derived from well-established positions in industrial, agricultural, and specialty chemicals businesses, and moderate financial policies. The outlook was recently revised to positive from stable to reflect continued strengthening of the financial profile. During the first nine months of 2005, the company used cash on hand, asset-sale proceeds, and healthy free operating cash flow to meaningfully reduce debt (to just under $1 billion at Sept. 30, 2005, including capitalized operating leases and tax-effected unfunded postretirement obligations). FMC's recent receipt of approximately $100 million in proceeds from the sale of its troubled Astaris joint venture will result in a level of net debt with which management is comfortable. Moreover, business conditions are
