Viterra Inc.

Viterra Inc.

July 31, 2008 13:14 ET

Viterra's Long-Term Credit Rating Increased by Standard and Poor's

REGINA, SASKATCHEWAN--(Marketwire - July 31, 2008) - Viterra (TSX:VT) is pleased to announce that Standard and Poor's Ratings Services today raised the Company's long-term corporate credit rating to 'BB+' from 'BB', with a positive outlook.

In its report Standard and Poor's cited Viterra's leading position in Canadian agribusiness and improved profitability from its integration of Agricore United (AU) as driving factors in its decision. It expects Viterra's profitability will continue to strengthen as further synergies are realized.

Standard and Poor's also increased the ratings on Viterra's Senior Secured Bank Loan to 'BBB' and its Senior Secured Notes to 'BB+'.

"This rating increase is another example of the market's confidence in our financial and operating performance," said Rex McLennan, Viterra's Chief Financial Officer. "As we explore new opportunities and execute our growth strategy, we will use the same financial discipline to continue driving value for our stakeholders."

This news follows Viterra's announcement on July 24, 2008 that Dominion Bond Rating Service upgraded the rating of Viterra's Senior Secured Notes and Bank Credit Facility to BBB (low) from BB (high), with a stable trend.

Viterra Inc. is Canada's leading agri-business, with extensive operations and distribution capabilities across Western Canada, and with operations in the United States, Japan and Singapore. The new company is diversified into sales and services of crop inputs and equipment, grain handling and marketing, livestock feed, agri-food processing and financial products. These operations are complemented by value-added businesses and strategic alliances, which allow Viterra to leverage its pivotal position between Prairie farmers and destination customers. The Company's common shares are listed on the Toronto Stock Exchange under the symbol VT.

Contact Information

  • Viterra Inc.
    Peter Flengeris
    Investor Relations and Corporate Affairs
    (306) 569-4810