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S&P: Yara on watch
Standard & Poor's said it placed the BBB long-term and A-2 short-term corporate credit ratings on Yara International ASA on Creditwatch with negative implications.
According to the agency, Yara announced that it plans to acquire Terra Industries Inc. (BB/stable) for an estimated total consideration of $4.7 billion.
"The additional debt burden of the transaction will, in its view, strain Yara's already weakened financial risk profile, even though we anticipate that the transaction will be over 50% equity financed," said credit analyst Sophia Dedemadis.
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