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S&P: UAP on watch
Standard & Poor's said it placed its BB- corporate credit rating and other ratings on UAP Holding Corp. and its subsidiary United Agri Products Inc. on CreditWatch with positive implications.
The agency said that the CreditWatch placement follows the company's announcement that it had reached a definitive agreement with Agrium Inc. (BBB/stable) to acquire UAP.
"The ratings on UAP were placed on CreditWatch with positive implications reflecting that the ratings may be raised following the completion of the acquisition," said S&P credit analyst Jayne Ross.
"We expect completion in the first quarter of 2008."
If UAP's debt is fully repaid, the ratings could be withdrawn upon the closing of the transaction, S&P noted.
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