Norway-based fertilizer distributor and producer Yara International ASA's performance and credit metrics improved strongly in the first nine months of 2010. We believe acquisition risk remains, but take comfort from the company's increased financial flexibility and financial policy. We are revising the outlook to stable from negative, while affirming the 'BBB' long-term and the 'A-2' short-term corporate credit ratings. The stable outlook factors in a favorable near-term outlook for the fertilizer industry, as well as increased financial flexibility following debt reduction earlier this year. On Nov. 16, 2010, Standard&Poor's Ratings Services revised its outlook on Norway-based fertilizer company Yara International ASA to stable from negative. At the same time, we affirmed the 'BBB' long-term corporate credit rating on
