On March 6, 2008, 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 the company and raised the short-term rating to 'A-2' from 'A-3'. The outlook revision reflects the company's stronger-than-expected operational performance, which supports Yara's cash flow protection ratios. It also reflects the more measured growth strategy adopted by the company and our expectation that this will remain in line with the ratings. The ratings on Yara continue to reflect its leading position as the world's largest distributor of fertilizers and producer of nitrogen. The enhancement of the product mix with Kemira GrowHow's (KGH) phosphates business
