Agrium Inc. -- Moody's places Agrium under review for upgrade following merger announcement with Potash Corp.

New York, September 13, 2016 -- Moody's Investors Service, ("Moody's") placed the long term Baa2 ratings of Agrium Inc. under review for upgrade following the announced merger of equals with Potash Corporation of Saskatchewan Inc. ("PCS", A3 RUR Down). The company's P-2 short-term rating was affirmed. The proposed merger was approved by both companies' boards of directors, but remains subject to approval by shareholders, as well as review by various regulatory and judicial bodies. The review for upgrade reflects Agrium's merging with a company with a stronger credit profile as well as the fundamental benefits gained from the creation of a larger company, the addition of PCS's high quality assets, as well as the $500 million in annual synergies that are anticipated to be realized from the combined entity. The transaction is expected to close in mid-2017.

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