Moody's gives Baa1 to Potash's $1 billion notes

Moody's Investors Service said it assigned a Baa1 rating to a proposed $1 billion offering of Potash Corp. of Saskatchewan's senior unsecured securities.

Proceeds from the debt issued will be used for repayment of bank debt and for general corporate purposes. The outlook is stable.

"The Baa1 rating incorporates our positive view on future global fertilizer demand in 2010 and beyond and the expectation that the company will continue to participate in future profitable global growth in the fertilizer industry," said Moody's analyst Bill Reed in a news release.

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