Moody's: Terra Industries outlook developing

Moody's Investors Service said it affirmed Terra Industries Inc.'s Ba3 corporate family rating and Terra Capital, Inc.'s B1 (LGD4, 65%) $330 million guaranteed senior unsecured notes due 2017 and changed the outlook to developing from stable.

This action follows the announcement that Terra has received an unsolicited proposal to be acquired by CF Industries Holdings, Inc. The agency said the developing outlook reflects the possibility that Terra, as a result of this unsolicited bid, may continue to be the subject of actual and speculated merger and acquisition activity.

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