DBRS Finalizes BB (high) Rating with Stable Trend for $400 Million New Debt Issue of Sherritt International Corporation

DBRS has today finalized its rating of BB (high) with a Stable trend for $400 million of 8.000% senior unsecured debentures Series 1 due November 15, 2018 (the New Senior Unsecured Notes) to be issued by Sherritt International Corporation (Sherritt or the Company) following the pricing of the New Senior Unsecured Notes and the filing, on October 28, 2011, of a prospectus supplement to the Company’s short-form base shelf prospectus dated October 21, 2011.

The offering of the New Senior Unsecured Notes is expected to close on or about November 2, 2011, subject to customary closing conditions. Sherritt is expected to use the net proceeds from the sale of the New Senior Unsecured Notes to fund the redemption of all of its outstanding $273.5 million of 7.875% senior unsecured debentures due November 26, 2012 (the 7.875% Notes) and for general corporate purposes.

Notes:
All figures are in Canadian dollars unless otherwise noted.

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