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Moody's Investors Service ("Moody's") assigned a Baa2 rating to Nutrien Ltd.'s (Nutrien) proposed issuance of $1.5 billion of senior unsecured notes due 2029 and 2049. Proceeds from the notes will be used to repay $500 million of 6.5% notes due upon their maturity on May 15, 2019, to reduce other indebtedness and for general corporate purposes. Nutrien's Baa2 rating is supported by its position as the largest producer of fertilizers globally, low-cost positions in potash and nitrogen fertilizers, a substantial and growing retail business that provides some stability to earnings and cash flow and good liquidity.
Nutrien (NTR) reported earnings on May 7 after the market closed. Much of the recent surge in the company’s stock appears to have come from its merger talks with Sociedad Química y Minera de Chile (SQM), which is one of the largest lithium producers (LIT).
Last week, DAP (diammonium phosphate) prices were broadly flat to positive WoW (week-over-week) and much higher YoY (year-over-year). WoW, Central Florida DAP prices rose 51 basis points to $358 per metric ton from $357 per metric ton, and YoY, they rose ~20% from $297 per metric ton. Similarly, DAP prices in Morocco rose 48 basis points WoW to $420 per metric ton from $418 per metric ton, and 13% YoY from $373 per metric ton.