Viterra Inc http://www.alacrastore.com/company-snapshot/Viterra_Inc-1026193 Friday, July 25, 2008 6:24:57 PM 1026193 Viterra Inc en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/spcred/648506spcred/648506normThe latest News from S&Pglobal5/15/2008 6:34:00 PM100News648506CanadaAgricultural ProductsCanadaGlobal IssuersCorporationsNewsTORONTO (Standard&Poor's) May 15, 2008--Standard&Poor's Ratings Services today said it affirmed the issue ratings on Regina, Sask.-based Viterra Inc.'s C$1.1 billion secured financing. We affirmed the C$800 million five-year asset-backed loan (ABL) revolving credit facility at 'BBB-' (two notches above the corporate credit rating on Viterra). The recovery rating of '1', indicating a very high (90%-100%) recovery in the event of default, is unchanged. We also affirmed the C$300 million senior notes at 'BB' (the same as corporate credit rating). The '4' recovery rating, indicating an average (30%-50%) recovery in a default scenario, is unchanged. The long-term corporate credit rating on Viterra is 'BB'. The outlook is positive. "The ratings on Viterra reflect the fundamentals ofCAN80391480391Z30202010 302020 3020 30Viterra Inc.319641CANSWP/B@CNNEWSGLOBISSCORPCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/644836spcred/644836normThe latest Full Report from S&Pglobal4/25/2008 3:25:38 PM400Full Report644836CanadaAgricultural ProductsCanadaGlobal IssuersSovereignsCorporationsFull ReportLeading market position in Canada Improving operating margins Moderate capital structure Unproven growth strategy Integration risk following acquisition Commodity-like nature for most of its business The ratings on Regina, Sask.-based Viterra Inc. (formerly Saskatchewan Wheat Pool) reflect the fundamentals of the agribusiness industry, which is low margin and cyclical; management's aggressive growth strategy through acquisition and diversification; and the execution risk surrounding the integration of Agricore United's (AU) activities. These features are partially mitigated by Viterra's leading position in the Canadian grain handling and agribusiness industries, the expected increase in profitability from the synergies between Viterra and AU, and the company's moderate capital structure. Viterra is Canada's largest agribusiness, with annualized revenues of about C$4.4 billion following its acquisition ofCAN80391480391Z30202010 302020 3020 30Viterra Inc.319641CANSWP/B@CNFULLCAN13679413679J13679KC2087Q13679N30101030 301010 3010 30Canadian Wheat Board117116CAN80706Z@CNGLOBISSSOVCORPCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/644838spcred/644838normThe latest Summary from S&Pglobal4/25/2008 1:07:39 PM175Summary644838CanadaAgricultural ProductsCanadaGlobal IssuersSovereignsCorporationsSummaryThe ratings on Regina, Sask.-based Viterra Inc. (formerly Saskatchewan Wheat Pool) reflect the fundamentals of the agribusiness industry, which is low margin and cyclical; management's aggressive growth strategy through acquisition and diversification; and the execution risk surrounding the integration of Agricore United's (AU) activities. These features are partially mitigated by Viterra's leading position in the Canadian grain handling and agribusiness industries, the expected increase in profitability from the synergies between Viterra and AU, and the company's moderate capital structure. Viterra is Canada's largest agribusiness, with annualized revenues of about C$4.4 billion following its acquisition of AU in June 2007. It holds about a 42% market share of western Canada grain receipts, as well as a more than 30% share ofCAN80391480391Z30202010 302020 3020 30Viterra Inc.319641CANSWP/B@CNSUMMARYCANC2087Q13679J13679413679K13679N30101030 301010 3010 30Canadian Wheat Board117116CAN80706Z@CNGLOBISSSOVCORPCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/631770spcred/631770normThe latest News from S&P2/20/2008 10:26:27 PMNews100global631770CanadaAgricultural ProductsCanadaGlobal IssuersCorporationsCapital GoodsNewsTORONTO (Standard&Poor's) Feb. 20, 2008--Standard&Poor's Ratings Services today said it revised the outlook on Regina, Sask.-based Saskatchewan Wheat Pool (doing business as Viterra) to positive from stable. At the same time, we affirmed the 'BB' long-term corporate credit, the 'BBB-' bank loan, and the 'BB' senior secured notes ratings on the company. The recovery ratings of '1' on the bank loan and '4' on the senior secured notes are unchanged. The revised outlook reflects Viterra's improved operating performance. On a last 12 month basis, the adjusted EBITDA margin improved to 7.2% at Oct. 31, 2007, from 4.7% at Oct. 31, 2006. "This improvement resulted from favorable market conditions in the grain handling and agriproducts segments asCAN80391480391Z30202010 302020 3020 30Saskatchewan Wheat Pool319641CANSWP/B@CNNEWSGLOBISSCORPCapitalCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/631771spcred/631771normThe latest Research Update from S&P2/20/2008 10:26:00 PMResearch Update175global631771CanadaAgricultural ProductsCanadaGlobal IssuersCorporationsCapital GoodsResearch UpdateOn Feb. 20, 2008, Standard&Poor's Ratings Services revised the outlook on Regina, Sask.-based Saskatchewan Wheat Pool (doing business as Viterra) to positive from stable. At the same time, we affirmed the 'BB' long-term corporate credit, the 'BBB-' bank loan, and the 'BB' senior secured notes ratings on the company. The recovery ratings of '1' on the bank loan and '4' on the senior secured notes are unchanged. The revised outlook reflects Viterra's improved operating performance. On a last 12 month (LTM) basis, the adjusted EBITDA margin improved to 7.2% at Oct. 31, 2007, from 4.7% at Oct. 31, 2006. This improvement resulted from favorable market conditions in the grain handling and agriproducts segments as well as operating efficiencyCAN80391480391Z30202010 302020 3020 30Saskatchewan Wheat Pool319641CANSWP/B@CNRESUPDGLOBISSCORPCapitalCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/592879spcred/592879norm7/26/2007 10:56:20 AMThe latest News from S&PNewsREGINA BRIDGE PASSU TOGETHER SASK WHEAT UNAFFECTED PARI TREAT PRIORITY C$200 SWPTORONTO (Standard&Poor's) July 26, 2007--Standard&Poor's Ratings Services today said its rating on Regina, Sask.-based Saskatchewan Wheat Pool's (SWP; BB/Stable/--) proposed C$200 million senior notes remains unaffected following the company's decision to market them as senior unsecured notes rather than senior notes as previously proposed. Although the notes are now being marketed as unsecured debt, Standard&Poor's continues to treat them as secured obligations and rates them accordingly. This is because the negative pledge covenant included in the proposed senior notes effectively provides them with a first-priority security on all fixed assets of the company and a second-priority security interest in the company's working capital assets, on a pari passu basis with the senior secured bridgeSaskatchewan Wheat Pool30202010 302020 3020 30CANglobal100.00319641592879Credit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/591726spcred/591726norm7/19/2007 2:59:34 PMThe latest News from S&PNewsREGINA EXECUTION AGRICORE WINNIPEG REVISE MAN TREMBLAY SASK HARVEST FUNDAMENTALS EXECUTED C$600 FINANCED C$200 CONFIRMED NOTCHES CYCLICAL CROP MAUDE WHEAT SWP STATEMENTS EBITDA AGRIBUSINESS C$100TORONTO (Standard&Poor's) July 19, 2007--Standard&Poor's Ratings Services today said it raised the ratings, including the long-term corporate credit rating to 'BB' from 'B+', on Regina, Sask.-based Saskatchewan Wheat Pool (SWP) following its acquisition of Winnipeg, Man.-based Agricore United (AU). At the same time, all ratings on SWP were removed from CreditWatch with positive implications where they were placed April 16, 2007. The outlook is stable. The 'BB' long-term corporate credit rating on AU was removed from CreditWatch and withdrawn. In addition, Standard&Poor's assigned a 'BBB-' bank loan rating (two notches above the corporate credit rating), with a recovery rating of '1', to SWP's proposed C$600 million senior secured bank loan. The '1' recovery ratingSaskatchewan Wheat Pool30202010 302020 3020 30CANglobal100.00319641591726Credit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/591727spcred/591727norm7/19/2007 2:59:34 PMThe latest Research Update from S&PResearch UpdateDIVESTMENT MODESTLY AGRICORE BORROWINGS BRINGING INHERENT BENEFIT SPRING REALIZE C$60 JAMES DYNAMICS C$636 FINANCED REVOLVER CONFIRMED C$883 CAUTIOUS C$440 HANDLED CYCLICAL HARVESTS SEEDED METRIC C$255 PRICES REFINANCED MATURES OATS REACHES EXECUTION RESERVATIONS BRIDGE DOWNSTREAM SASK HARVEST FUNDAMENTALS RICHARDSON C$600 C$200 SEASON ACRES APPROACHING GRAIN ASSUMING RATIONALIZATION UNRATED WHEAT FERTILIZERS C$900 CANADIAN HANDLING BARLEY HEADCOUNT WEAKEN C$100 VALUED TONS SCHEDULE MALT SEC PLAYER UNDETERMINED EXECUTED PRESENTS NOTCHES RISING C$1.232 DEPENDS INDICATING EXPECT MEANINGFULLY DIVESTMENTS STEM EFFICIENCY FERTILIZER AGRIBUSINESS REGINA EXPOSED WINNIPEG REVISE MAN SEED PLANTING C$95 ALTER MONOPOLY LIVESTOCK WEATHER C$290 FORECASTED C$90 SEASONAL CROP RECEIPTS SWP AGRIPRODUCTS STATEMENTS EBITDAOn July 19, 2007, Standard&Poor's Ratings Services raised the ratings, including the long-term corporate credit rating to 'BB' from 'B+', on Regina, Sask.-based Saskatchewan Wheat Pool (SWP) following its acquisition of Winnipeg, Man.-based Agricore United (AU). At the same time, all ratings on SWP were removed from CreditWatch with positive implications where they were placed April 16, 2007. The outlook is stable. The 'BB' long-term corporate credit rating on AU was removed from CreditWatch and withdrawn. In addition, Standard&Poor's assigned a 'BBB-' bank loan rating (two notches above the corporate credit rating), with a recovery rating of '1', to SWP's proposed C$600 million senior secured bank loan. The '1' recovery rating indicates an expectation of verySaskatchewan Wheat Pool30202010 302020 3020 30CANglobal100.00319641591727Credit & Investment ResearchS&P Credit Research