S&P upgrades Viterra

Standard & Poor's said it raised Viterra Inc.'s long-term corporate credit rating to BBB from BBB- and removed the company from CreditWatch, where it was placed with positive implications June 28, 2012.

The upgrade follows Glencore International plc's acquisition of Viterra in December 2012, S&P said.

The ratings on Viterra, including the rating on its C$600 million of unsecured debt, are equalized with the unsecured ratings on Glencore, reflecting the strategic importance of Viterra's grain handling and marketing operations to Glencore, the agency said.

The stable outlook reflects the outlook on Glencore, S&P said.

The ratings also consider an expectation that the combined company should be able to achieve neutral- to positive free operating cash flow, the agency said.

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