DBRS Removes Potash Ratings from Under Review – Developing After BHP Billiton Drops Acquisition Offer

DBRS has today removed the Under Review with Developing Implications status and returned the trends to Stable on the BBB (high) Senior Unsecured Debt rating and the R-1 (low) Commercial Paper rating of Potash Corporation of Saskatchewan Inc. (Potash or the Company) following the announcement by BHP Billiton Ltd. (BHP Billiton) that it has withdrawn its offer to acquire all of the issued and outstanding common shares of Potash. DBRS placed the Company’s ratings Under Review – Developing on August 17, 2010, when Potash announced it had received an unsolicited proposal to acquire its shares from BHP Billiton. Since the acquisition proposal was launched, Potash has announced its third quarter results, which indicate that the recovery in fertilizer markets, including export markets, continues to gain momentum and that the outlook for 2011 is positive. Accordingly, DBRS is confirming Potash’s ratings and their Stable trends.

Notes:
All figures are in U.S. dollars unless otherwise noted.

The applicable methodology is Rating Mining, which can be found on our website under Methodologies.