Moody's assigns CF Industries Ba3, loan Ba1

Moody's Investors Service said it assigned an initial Ba3 corporate family rating to CF Industries Holdings, Inc.

Moody's noted that it assigned a Ba1 rating to the $2.3 billion of guaranteed senior secured credit facilities of CF Industries, Inc., consisting of a $1.2 billion five-year term loan B-1, an $800 million five-year term loan B-2 and a $300 million five-year revolving facility.

Additionally, Moody's said it assigned a B1 rating to $1.6 billion of proposed senior unsecured notes expected to be issued by the end of April, adding that it assigned a speculative-grade liquidity rating of SGL-1.

The outlook is stable.

The rated credit facilities along with an unrated $1.75 billion bridge facility were used to fund CF Industries' acquisition of Terra Industries Inc. (Ba3), Moody's said, noting that the company's Ba3 corporate family rating reflects improved market positions gained as a function of the merger combined with the prospect of healthy market conditions, particularly for the nitrogen industry over the intermediate term.

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