Moody's rates Potash shelf Baa1

Moody's Investors Service said it assigned a potential Baa1 rating to the senior unsecured securities that might be issued by Potash Corp. of Saskatchewan Inc. under its $2 billion shelf filing and affirmed the company's Baa1 senior unsecured debt rating.

The outlook is stable.

The agency said the Baa1 rating reflects the company's strong bondholder protection measurements, leading cost positions and strong market positions in all three primary commodity fertilizers.

Limiting rating factors include the historic inherent price and volume volatility of the industry and actions by management to reward shareholders via a large share repurchase program that was completed in 2008, Moody's said.

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