DBRS Assigns BBB (high) Rating with Stable Trend to New Potash Corporation Senior Unsecured Notes

DBRS has today finalized its rating of BBB (high) with a Stable trend to $500 million aggregate principal amount of 3.25% notes due December 1, 2017 and $500 million aggregate principal amount of 5.625% notes due December 1, 2040 (collectively, the Notes) to be issued by Potash Corporation of Saskatchewan Inc. (Potash or the Company). DBRS assigned a provisional rating of BBB (high) with a Stable trend to the Notes on November 22, 2010 (see related news release). DBRS views the issuance of the Notes as a prudent step in maintaining the Company’s liquidity in light of its intention to repurchase up to $2.0 billion of its shares, as announced on November 16, 2010.

DBRS’s provisional rating of the Notes was based on Potash’s preliminary prospectus supplement dated November 22, 2010, to the Company’s prospectus dated June 28, 2010, both filed with the United States Securities and Exchange Commission (SEC), as well as Potash’s public security document filings including its third quarter 2010 report and its 2009 annual report, plus other information provided by Potash to DBRS as of November 22, 2010. The Company’s prospectus supplement filed with the SEC on November 23, 2010, is in DBRS’s view consistent with the materials previously reviewed hence the assignment of BBB (high) rating with Stable trend.

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

The applicable methodologies are Rating Mining and Rating Fertilizer Companies, which can be found on our website under Methodologies.