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S&P: Agrium debenture at BBB
Standard & Poor's said it affirmed its BBB long-term corporate credit rating on Agrium Inc.
The outlook is stable.
At the same time, S&P said it assigned its BBB issue-level rating to the company's proposed $500 million debenture due 2041.
The proceeds from the debenture will be used to prefund Agrium's $125 million of debentures due February 2011 and a portion of the acquisition of AWB Ltd., the agency added.
"The ratings on Agrium reflect what we view as the company's good diversity, competitive cost structure, stable margins in retail, and history of good cash flow generation," said S&P credit analyst Jatinder Mall.
"These strengths are partially offset, in its opinion, by the company's participation in the cyclical fertilizer industry and exposure to the fragmented and volatile nitrogen and phosphate markets."
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