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S&P boosts Terra Industries, gives notes BB-
Standard & Poor's said it raised its corporate credit rating on Terra Industries Inc. to BB- from B+.
At the same time, the agency said it assigned a BB- rating to Terra Capital Inc.'s proposed $330 million senior unsecured notes due 2017.
Terra Capital is a wholly owned subsidiary of Terra Industries, the agency said, noting that the outlook is stable and that Terra will use proceeds from the unsecured notes, along with $45 million in cash, to pay down existing senior secured notes.
The upgrade reflects Terra's progress toward improving both its financial profile and competitive position and our expectation for a meaningful further strengthening of the financial profile in 2007 as a result of improving nitrogen demand and pricing opportunities, S&P said.
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