Fitch affirms Incitec

Fitch Ratings said it affirmed Incitec Pivot Ltd.'s long-term issuer default rating and senior unsecured rating at BBB.

The outlook is stable.

The ratings reflect the company's strong position in the Australian fertilizer and United States explosive industries, the agency said.

The ratings are supported by the company's vertically integrated operations, which provide a generally competitive cost base, Fitch said, and diversification by commodity and geography.

Its strong financial profile, solid liquidity and clearly articulated financial policies positively weigh on the ratings, the agency added.

The ratings also capture the inherent cyclicality of global U.S. dollar-denominated fertilizer prices, which increases the business risk profile, Fitch said.

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