S&P: Viterra on positive watch

Standard & Poor's said it kept the BBB- ratings on Viterra Inc. on CreditWatch, where they were placed with positive implications in June.

The CreditWatch remains in place as the company's acquisition by Glencore International plc, the parent of Glencore International AG, is reviewed by China's Ministry of Commerce under its anti-monopoly law, S&P said.

The acquisition of Viterra by Glencore has cleared all key hurdles except the Chinese competition review, including Viterra shareholder approval and competition authority clearance in Canada, the United States, Australia and Europe, S&P said.

The ratings reflect the company's satisfactory business risk profile, which is supported by strong market positions in key grain-producing regions in Canada and Australia and more modest positions in downstream agribusiness and processing, the agency said.

The company's financial risk profile is considered intermediate, characterized by low debt leverage and strong liquidity, S&P added.

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