S&P rates Agrium notes BBB

Standard & Poor’s said it assigned a BBB rating to Agrium Inc.’s proposed debentures due 2025 and 2035, in an aggregate amount of up to $1 billion.

The proceeds will be used to repay short-term debt outstanding.

The proposed notes are senior unsecured obligations of Agrium and will rank equally with all existing and future senior unsecured debt and rank junior to all existing and future secured debt, S&P said.

The ratings reflect Agrium’s satisfactory business risk profile and intermediate financial risk profile, the agency said.

Agrium’s business risk profile is supported by the company’s favorable market position as a leading crop input distributor and integrated producer of commodity fertilizer products, good operational and business line diversity and generally low-cost asset base, S&P said.

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