September 17, 2012 / 8:48 PM / 5 years ago

TEXT-S&P rates Ingredion notes 'BBB'

Sept 17 - Standard & Poor's Ratings Services today assigned its 'BBB' senior
unsecured debt rating to Westchester, Ill.-based Ingredion Inc.'s 
proposed senior unsecured notes, which will be issued under the company's Rule
415 shelf registration. We expect the notes to total $300 million and mature in
five years from date of issuance.

Ingredion (formerly known as Corn Products Inc.) has indicated that it plans 
to use the net proceeds from this offering for general corporate purposes, 
including the repayment of $200 million of its outstanding indebtedness on its 
revolving credit facility.

The ratings on Ingredion reflect our view of the company's "satisfactory" 
business risk profile and "intermediate" financial risk profile. Key credit 
factors in our business risk assessment include its position as a leading corn 
refiner and ingredients company, while recognizing it operates in the highly 
competitive starch and sweetener industry; geographic and product 
diversification; and the degree of earnings volatility. Our intermediate 
financial risk profile assessment is supported by its moderate financial 
policies, and by leverage that we believe will remain in the mid-2x area, 
despite probable modest share repurchase activity.

RELATED CRITERIA AND RESEARCH
     -- Key Credit Factors: Criteria For Rating The Global Branded Nondurable 
Consumer Products Industry, April 28, 2011
     -- Business Risk/Financial Risk Matrix Expanded, May 27, 2009

RATINGS LIST
Ingredion Inc.
 Corporate credit rating      BBB/Stable/--

Rating assigned
Ingredion Inc.
 Senior unsecured 
   $300 mil. notes due 2017        BBB


Complete ratings information is available to subscribers of RatingsDirect on 
the Global Credit Portal at www.globalcreditportal.com. All ratings affected 
by this rating action can be found on Standard & Poor's public Web site at 
www.standardandpoors.com. Use the Ratings search box located in the left 
column.

Our Standards:The Thomson Reuters Trust Principles.
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