Moody's may drop Yara

Moody's Investors Service said it placed the Baa2 issuer rating of Yara International and the Baa2 ratings on its senior unsecured notes under review for downgrade following the announcement of the proposed $4.1 billion cash acquisition by Yara of Terra Industries (rated Ba3).

Yara indicated that it will fund the acquisition through an equity placement of $2.0 billion to $2.5 billion, as well as additional borrowing, operating cash flow and, possibly, proceeds from the recently agreed disposal of its stake in Fosfertil, according to Moody's.

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