S&P rates Archer Daniels notes A

S&P said it assigned its A issue-level rating to Archer Daniels Midland Co.'s senior unsecured notes, with the final amounts and maturities to be determined.

The company will likely close on the Neovia acquisition sometime in the first half of 2019, the agency noted.

“We estimate the acquisition will increase pro forma debt to EBITDA to closer to 2.5x compared with a ratio just under 2x for the 12 months ended Sept. 30, 2018,” S&P said in a news release.

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