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S&P might lower Potash
S&P said it placed the BBB+ long-term corporate credit rating on Potash Corp. of Saskatchewan Inc. on CreditWatch with negative implications.
The agency also placed the BBB+ senior unsecured debt and A-1 (low) Canada scale commercial paper ratings on CreditWatch with negative implications.
Additionally, S&P affirmed the A-2 global scale short-term and A-2 global scale CP ratings on Potash.
The agency said the CreditWatch placement follows the completion of the merger between Agrium Inc. and Potash and formation of new entity Nutrien Ltd.
“The negative CreditWatch placement reflects our view that the pro forma capital structure and cash flow metrics might not strengthen sufficiently to support a BBB+ corporate credit rating, depending on the amount of anticipated asset sale proceeds allocated to permanent debt reduction,” S&P said in a news release.
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