Moody’s assigns Potash notes A3

Moody's Investors Service said it assigned an A3 rating to a proposed $500 million offering of Potash Corp. of Saskatchewan's 10-year senior unsecured notes.

Proceeds will be used for the paydown of the company's commercial paper program.

The issuance is timely as the company's $500 million senior unsecured notes mature in September 2015.

The outlook is stable.

"The A3 rating incorporates the expectation that Potash's leverage will remain below 2.0x Debt/EBITDA in 2015 and the slow recovery in potash prices over the next few years," Moody’s senior vice president John Rogers said in a news release.

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