S&P: Viterra view to positive

Standard & Poor's said it revised the CreditWatch implications on Viterra Inc. to positive from developing as the company's acquisition by Glencore International plc, a subsidiary of Glencore International AG, proceeds.

Standard & Poor's also said it affirmed the company's BBB- long-term corporate credit rating.

The acquisition has cleared several key hurdles, including Viterra shareholder approval and competition authority clearance in Canada, the United States and Australia, S&P said.

But the closing still requires review by various competition authorities in Europe and China, the agency said.

Meanwhile, Viterra continues to generate solid financial performance for the BBB- rating with last 12 months leverage of 2x, S&P said, while maintaining strong liquidity amid record shipment volumes.

The agency said it will resolve the CreditWatch when it has a clear timeline on the transaction's completion.

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