Moody's confirms Agrium

Moody's Investors Service said it confirmed Agrium Inc.'s Baa2 ratings and assigned a senior secured provisional Baa2 rating and a provisional preferred Ba1 rating on its shelf ratings.

This concludes a review that began in February. The review was prompted by news that Agrium had made an unsolicited offer for CF Industries Holdings, Inc. But Agrium recently announced that it would no longer pursue the acquisition.

Absent the challenges of a significant debt financed acquisition, Agrium's diverse business mix and credit metrics comfortably support the rating, Moody's said.

The agency said it expects that management will maintain its historically conservative financial policies and investment discipline.

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