S&P: Saskatchewan Wheat unaffected

Standard & Poor's said its rating on Saskatchewan Wheat Pool's (BB/Stable/--) proposed C$200 million senior notes remains unaffected following the company's decision to market them as senior unsecured notes rather than senior notes as previously proposed.

S&P said although the notes are now being marketed as unsecured debt, the agency continues to treat them as secured obligations and rates them accordingly. The agency said the negative pledge covenant included in the proposed senior notes effectively provides them with a first-priority security on all fixed assets of the company and a second-priority security interest in the company's working capital assets.

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