On Nov. 30, 2004, Standard&Poor's Ratings Services assigned its 'BBB' long-term and 'A-2' short-term corporate credit ratings to Norway-based fertilizer company Yara International ASA. The outlook is stable. At the same time, Standard&Poor's assigned its 'BBB' rating to the company's proposed senior unsecured notes of approximately $500 million, issued under Rule 144a without registration rights. Proceeds from the proposed note issue will be used to repay outstanding debt under a 364-day revolving credit facility. The company has about $700 million of gross debt (excluding unfunded pension obligations of about $250 million). The ratings on Yara reflect the company's leading position in fertilizer sales, especially nitrogen-based fertilizers, and moderate financial profile. Yara is an independent company listed
