Moody's upgrades Viterra debt and notes

Moody's Investors Services said it raised the ratings on Viterra Inc.'s debt following the completion of the acquisition of Viterra by Glencore International AG.

Viterra is now a subsidiary of Glencore and Glencore has guaranteed the $400 million 5.95% senior notes due 2020.

The agency said it raised the rating to Baa2 from Ba1, reflecting the guarantee.

However, the C$200 million 6.406% senior unsecured notes due 2021 are not guaranteed. Accordingly, the agency said the rating on the those notes has been raised to Baa3 from Ba1, one notch below Glencore's rating, reflecting the lack of a guarantee by Glencore.

The outlook for Viterra is stable.

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