S&P affirms Potash

Standard & Poor's said it affirmed the A- long-term corporate credit and senior unsecured debt ratings on Potash Corp. of Saskatchewan Inc.

The outlook is stable.

"We base the affirmation on PotashCorp's offering of $1 billion in bonds, which we expect the company to use to pay down its credit facilities and improve liquidity," S&P analyst Jatinder Mall said in a statement.

"The ratings reflect our view of PotashCorp's leading market position in potash, its diversification in three fertilizers, low leverage and strong cash flow generation," Mall added.

Historical volatility in the company's nitrogen and phosphate operations constrain ratings, the agency said.

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