Viterra Inc.

Viterra Inc.

September 15, 2008 17:41 ET

Viterra Secures New Rating From Moody's Investor Services

REGINA, SASKATCHEWAN--(Marketwire - Sept. 15, 2008) - Viterra Inc. (TSX:VT) is pleased to announce that it has secured new corporate credit ratings from Moody's Investor Services, a New York-based credit rating agency.

Both Viterra's corporate credit rating and the rating on the Company's $300 million of public notes were assigned a Ba1 rate, one notch below investment grade. The outlook on the Company is stable.

Moody's cited strong industry supply and demand dynamics, Viterra's solid operating earnings, the Company's focus and scale relative to other global agricultural players, low leverage and strong credit metrics, as the primary factors supporting their decision.

Chief Financial Officer, Rex McLennan commented, "We are pleased to receive these new credit ratings from Moody's. It represents another important step in our financial strategy to deepen our access to the United States debt markets as our financial position continues to strengthen."

Dominion Bond Rating Service (DBRS) recently upgraded the rating on both Viterra's Senior Unsecured Notes and Term Credit Facility to BBB (Low) from BB (High), with a stable trend.

Standard & Poor's raised Viterra's long-term corporate credit rating from BB to BB+, with a positive outlook and increased its ratings on Viterra's Revolving Credit Facility to BBB from BBB- and the rating on the Company's Senior Unsecured Notes to BB+ from BB.

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.
    Susan Cline
    Investor Relations and Corporate Affairs
    (306) 569-6948