Moody’s cuts Potash, rates Nutrien Baa2

Moody's Investors Service said it assigned a Baa2 issuer rating to Nutrien Ltd., confirmed the Baa2 unsecured ratings of Agrium Inc., lowered the unsecured ratings of Potash Corp. of Saskatchewan Inc. to Baa2 from Baa1 and affirmed the P-2 commercial paper ratings of both Agrium and Potash.

This concludes the review of Agrium and Potash that was initiated on Sept. 13, 2016 after the announcement of the planned merger.

The outlook for Nutrien, Agrium and Potash is stable.

"The Baa2 rating for Nutrien reflects credit metrics that are expected to remain stronger than most of their peers in the trough of the fertilizer cycle and substantial flexibility to undertake acquisitions and share repurchases over the next several years," John Rogers, Moody’s senior vice president and lead analyst on Nutrien, said in a news release.

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