The ratings on FMC Corp. reflect an intermediate financial risk profile and a satisfactory business risk profile that stems from its leading positions in certain agricultural, specialty, and industrial chemicals markets. Based in Philadelphia, Pa., FMC is a global chemical manufacturer with trailing-12-month sales of about $3.3 billion. Its business mix varies, 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
