Moody's lifts Potash Corp.

Moody's Investors Service said it raised the senior unsecured issuer rating of Potash Corp. of Saskatchewan Inc. to A3 from Baa1.

The upgrade reflects the expectation that Potash Corp. will continue to generate financial metrics that strongly support an A3 rating, despite elevated capital spending and the potential for additional large share repurchases, the agency said.

Moody's believes that fertilizer prices, especially for potash and nitrogen fertilizers, will remain elevated through 2016, at a minimum, and that demand will continue to grow especially in developing countries.

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