DBRS: Agrium debentures BBB

DBRS said it assigned a rating of BBB with a stable trend to Agrium Inc.’s $1 billion aggregate principal amount of senior unsecured debt, comprised of a $550 million aggregate principal amount of 3.375% debentures due March 15, 2025 and $450 million aggregate principal amount of 4.125% debentures due March 15, 2035.

The proceeds will be used by Agrium to reduce short-term debt, DBRS said.

The agency said it does not expect the issue to have a material impact on Agrium’s credit quality, the agency said.

The notes will be direct senior unsecured obligations of the company, the agency said, and will rank equally with Agrium’s existing and future senior unsecured debt.

The new notes also will rank senior to all of the company’s existing and future subordinated debt, DBRS said.

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