Moody's rates Potash notes A3

Moody's Investors Service said it assigned an A3 rating to Potash Corp. of Saskatchewan Inc.'s proposed $1 billion offering of senior notes. The outlook is stable.

Proceeds will be used for repayment of debt maturing in May and for general corporate purposes.

The agency said the A3 rating reflects Potash's historically strong credit metrics, its low cost position in potash fertilizers and stable market positions in nitrogen and phosphate fertilizers. The ratings also reflect the company's considerable cash flow from operations in 2013 of over $3 billion, despite the drop in potash prices and volumes in the second half of the year.

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