Research Update: Viterra Inc. Upgraded To 'BB+' From 'BB' On Operating Performance Strength

Standard & Poors, July 2008

Abstract
On July 31, 2008, Standard & Poor's Ratings Services raised the ratings on Regina, Sask.-based Viterra Inc. (formerly Saskatchewan Wheat Pool), including the long-term corporate credit rating to 'BB+' from 'BB', following solid operating performance and greater clarity regarding the company's growth strategy. The outlook is positive. The upgrade reflects Viterra's leading position in the Canadian grain handling and agribusiness industries, the improved profitability from the integration of Agricore United (AU) and favorable industry trends, and the company's intermediate capital structure. The ratings are constrained, however, by the potential execution risk related to the strategy of growth through acquisitions, high exposure to cyclical crop conditions in western Canada, and the commodity-like nature of most of its business. Viterra is Canada's...

Companies mentioned in this report are: Viterra Inc.
Action: Upgraded

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

Viterra Inc.

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