Norway-based fertilizer distributor and producer Yara International ASA has achieved very strong credit metrics in the past few years, well above our guideline for the current rating. Yara could in our view maintain credit metrics commensurate with a higher rating, depending on future acquisitions, capital expenditure opportunities, and special shareholder distributions. We are affirming our 'BBB/A-2' ratings on Yara. The positive outlook reflects the potential for a one-notch upgrade within approximately the next 18 months if we consider likely that Yara's ratio of funds from operations to debt remains at about 45%, taking into account likely acquisitions and other major cash uses. On Sept. 30, 2013, Standard&Poor's Ratings Services revised its outlook on Norway-based fertilizer company Yara International
