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Fitch: Mosaic unchanged
Fitch Ratings said it has determined that the special dividend of $1.30 per share announced by the Mosaic Co. will not impact the company's debt ratings.
The special dividend payable in December will total about $580 million and will be paid out of cash reserves which were a little over $2.6 billion at the close of the company's first fiscal quarter, which ended this past August, the agency said.
Fitch said it affirms the ratings of Mosaic and Mosaic Global Holdings as follows:
• Mosaic Co.'s issuer default rating at BBB; senior unsecured notes at BBB; and unsecured revolver at BBB; and
• Mosaic Global Holdings' issuer default rating at BBB; and senior unsecured notes and debentures at BBB.
Fitch said it has also assigned a BBB rating to Mosaic's $500 million unsecured revolver, which replaced a similar $450 million secured facility in July 2009.
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