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S&P affirms Yara
Standard & Poor's said it affirmed the BBB long-term and A-2 short-term corporate credit ratings on Yara International ASA and removed the ratings from CreditWatch, where they were placed with negative implications in February.
The outlook is negative.
Yara recently announced it will no longer pursue the acquisition of Terra Industries Inc. as it does not wish to increase its offer from the estimated total consideration of $4.7 billion.
As Yara will no longer pursue the partially debt-financed acquisition, the agency said it affirmed the ratings. However, S&P said it believes that Yara's credit protection ratios for 2009 are below those considered commensurate with the rating.
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