Moody’s ups Incitec Pivot view to positive

Moody's Investors Service said it affirmed the Baa3/P-3 issuer, Baa3 senior unsecured debt rating and provisional Baa3 senior unsecured medium-term note ratings of Incitec Pivot Ltd. and changed the outlook to positive from stable.

At the same time the agency affirmed the Baa3 senior unsecured debt rating of Incitec Pivot Finance LLC and changed the outlook to positive from stable.

"The change in outlook to positive reflects the completion of the company's ammonia plant in Waggaman, Louisiana (WALA) and the continued execution on its BEx cost improvement initiatives," Moody's vice president, senior credit officer Matthew Moore said in a news release.

"This should allow the company to continue to deleverage its balance sheet and improve credit metrics, despite challenging operating conditions."

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