Fitch raises CF Industries

Fitch Ratings said it upgraded CF Industries Holdings, Inc.'s and CF Industries, Inc.'s issuer default ratings to BBB from BBB-. The agency also raised CF Industries, Inc.'s unsecured revolving credit facility and senior unsecured notes to BBB from BBB-.

“The ratings and outlook primarily reflect the reduction in long-term debt to $3 billion coupled with the forecasted strength of the nitrogen fertilizer market. Fitch expects total debt/operating EBITDA after associates and minorities to be sustainably below 2x and expects management to fund growth projects from cash flow,” the agency said in a press release.

The outlook is stable.

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