S&P assigns BBB to Nutrien

S&P said it assigned its BBB long-term corporate credit rating to Nutrien Ltd. and removed its ratings on Agrium Inc. and Potash Corp. of Saskatchewan Inc. from CreditWatch.

The outlook is stable.

The agency affirmed the A-2 global short-term and global scale commercial paper ratings on both Agrium and Potash. However, S&P said it lowered the Canada scale CP rating on Potash to A-2 (Cdn) from A-1 (low), to align it with the corporate credit rating.

S&P said the ratings on Nutrien reflect an opinion of the company's competitive cost and leading market position in potash and nitrogen, significant scale and operational diversity, stable cash flow generation from its retail segment, and strong EBITDA margins, which rank in the top quartile of the global commodity chemicals peer group.

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