Cargill is rated above Thailand’s ‘A-’ Long-term Local Currency Issuer Default Rating (IDR). However, the National rating of the bonds is capped at the sovereign’s ‘AAA(tha)’ National rating. Cargill's ratings reflect its competitive position as the largest agricultural company based in the United States and as one of the largest global privately-owned companies, its extensive geographic and product line diversification and solid liquidity position (for more information please refer to the recent rating action commentary on Cargill, dated 11 May 2011).
Fitch notes that any rating action that results in Cargill’s rating falling below that of the Thai sovereign’s will affect the debentures’ National rating. Investors should note that a one-notch change in an International rating could result in a more-than-one-notch change in a National rating.
Founded in 1865, Cargill is primarily owned by family members, with the remaining stake owned by management and an employee stock ownership plan. Cargill’s core operations cover five segments - agricultural services, origination and processing, food ingredients and applications, risk management and financial, and industrial; the five segments have between them more than 80 business units.