NEW YORK (AP) -- Moody's Investors Service said Monday it has put the debt ratings of chemical company FMC Corp. on review for a possible upgrade one notch higher.

Moody's said it decided to review the rating because the company has improved its credit quality. It said it may raise FMC's rating to Baa1, which is the highest level considered "lower medium grade" investment-quality debt.

"Moody's review will focus on any changes in management's financial goals specifically as it relates to acquisitions and programs to reward shareholders," Moody's analyst Bill Reed said in a statement.

Shares of FMC, which is based in Philadelphia, rose 56 cents to $56.89 in afternoon trading.