CHICAGO--(BUSINESS WIRE)--Fitch Ratings has assigned a 'BB-' rating to Land O' Lakes, Inc.'s (LOL) new $200 million preferred stock. The new securities rank junior to senior debt and capital securities. Fitch grants 50% equity credit to LOL's preferred shares after considering the junior ranking, no maturity date, the option to defer dividends, and the cumulative coupon deferral. Proceeds from the offering will be used to refinance certain existing debt, to provide general working capital, or f