DBRS Finalizes Provisional Rating of BBB (high) on $750 Million New Potash Corporation Senior Unsecured Notes, Stable Trend

DBRS has today finalized its provisional rating of BBB (high) with a Stable trend on the $750 million principal amount of 3.625% senior unsecured notes due March 15, 2024 (the Notes), to be issued by Potash Corporation of Saskatchewan Inc. (Potash or the Company) and priced March 4, 2013, by the Company.

DBRS assigned a provisional rating to the Notes on March 4, 2014 (see related press release). Potash has established the final terms of the Notes and filed on March 5, 2013, a final prospectus supplement (the March 4, 2013, supplement) to the Company’s Prospectus dated June 28, 2013, previously filed with the U.S. Securities and Exchange Commission. DBRS views the information provided in the March 4, 2013, supplement to be consistent with the information it had on hand when assigning its provisional rating, hence the finalization of the assignment of the BBB (high) rating to the Notes.

The debt issuance transaction is expected to close on or about March 7, 2014. DBRS expects Potash to utilize the net proceeds of the Notes offering for general corporate purposes, including refinancing a $500 million aggregate principal amount of outstanding 5.250% senior unsecured notes maturing on May 15, 2014, and views the debt issue as a prudent part of the Company’s ongoing program to meet its funding needs.

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

The applicable methodologies are Rating Companies in the Mining Industry (Primary) and Rating Companies in the Industrial Products Industry (Secondary), which can be found on our website under Methodologies.