DBRS rates Agrium notes BBB

DBRS said it assigned a provisional BBB rating with a stable trend to the $500 million of senior notes to be issued by Agrium Inc. The proceeds will be used to fund anticipated capital expenditures and for general corporate purposes.

The agency views Agrium's new debt issuance as a prudent funding initiative in light of planned capital expenditures for its Vanscoy Potash expansion, the company's funding requirements related to its support and purchase agreement with Glencore International plc to acquire some assets from Viterra Inc. and its recently announced substantial issuer bid seeking to purchase up to C$900 million of its own shares.

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