DBRS affirms Deere

DBRS said it confirmed the long- and short-term ratings for Deere & Co. and its subsidiaries at A and R-1 (low), respectively.

The ratings primarily reflect Deere's strong business risk profile as the leading global producer of agricultural equipment, with well-diversified revenues and stable credit operations, DBRS said.

The company's performance significantly improved in fiscal 2010, with Deere generating its second-highest-ever levels of sales and profitability, the agency added.

DBRS said it expects the ratings to be constant over the near to medium term, with Deere remaining very well positioned to benefit from significant long-term agricultural tailwinds.

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