Moody's confirms FertiNitro note

Moody's Investors Service said it confirmed the B3 senior secured rating of FertiNitro Finance Inc.'s $250 million 8.29% senior secured notes due 2020.

This concludes the review for downgrade begun on Nov. 15, and the outlook is stable. The review was prompted by Moody's concerns over the potential for future operational disruptions at the complex, which were highlighted in late 2006 by the project's independent engineers, and by the potential impact on the project's liquidity should extended downtime be required.

In confirming the rating, the agency said it recognizes FertiNitro's continued stable operating performance since the review was initiated and the project operator's future plans to address any operational issues at the facility. Plans to replace certain equipment at the ammonia operations, as highlighted by the independent engineer, are going ahead; although required lead-times will delay any immediate action.

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