S&P: Terra on developing watch

Standard & Poor's said it placed its ratings on Terra Industries Inc., including its BB corporate credit rating, on Creditwatch with developing implications.

At the same time, the agency said it placed its rating on Terra Capital Inc., a wholly owned subsidiary of Terra Industries, on Creditwatch with developing implications. its rating actions follow a recent announcement concerning the proposed acquisition of Terra by CF Industries Holdings Inc. in an all-stock transaction.

Developing implications mean that S&P could raise, lower, or affirm the ratings on Terra, depending on future developments.

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