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MUMBAI (Thomson Financial) - Fitch Ratings upgraded Terra Industries Inc., saying the action is "driven by last year's performance which is being repeated this year and has resulted in a substantial accumulation of cash".
The issuer default rating on the fertilizer company was raised to 'BB' from 'B+', convertible preferred shares to 'BB-' from 'B-/RR6'.
The outlook stays positive.
"At the heart of Terra's good fortunes is a growing worldwide demand for corn and wheat, the U.S. mandate to increase the production of ethanol as a fuel supplement, and the low value of the U.S. dollar," Fitch said, adding that there are no obvious near-term headwinds to deter Terra's performance.
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