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Nutrien

Agrium distributes crop nutrients, crop protection products, and seeds to farmers globally. It is also produces and distributes the three essential classes of plant nutrients – potassium, phosphates, and nitrogen – via wholesale and retail avenues. Besides crop nutrients, the retail operations also markets crop protection products, seeds, custom application and other agronomic services to customers. Retail (86% FY16 sales and 82% FY16 Gross Profit) consists of Crop Nutrients (30% FY16 segment Gross Profit), Crop Protection (40% FY16 segment Gross Profit), Seed (10% FY16 segment sales), Merchandise (4% FY16 segment Gross Profit), and Service & Other (16% FY16 segment Gross Profit). Wholesale (19% FY16 sales and 17% FY16 Gross Profit) consists of Nitrogen (68% FY16 segment Gross Profit), Potash (9% FY16 segment Gross Profit), Phosphate (8% FY16 segment Gross Profit), with Product Purchased for Resale (1% FY16 segment Gross Profit) and Other Wholesale (15% FY16 segment Gross Profit) rounding out the business. (06 Feb 2018)

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Transcript: 2018 IG & Crossover Conf-Basics Panel

Transcript: 11 Dec 2018, 5:51 AM ET - We present a transcript of the Basic Industries Panel discussion given at the CreditSights Investment Grade & Crossover conference on December 4, 2018.
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Nutrien 3Q18: A Different Kind of Pot

Earnings Note: 07 Nov 2018, 11:51 PM ET - Volume and Price driven gains helped Nutrien deliver a strong quarter, adding to the recovery story seen in the fertilizer space during the past two quarters.

LIN/PX Merger: Conditional Approval from the FTC

Worth Watching: 22 Oct 2018, 10:22 PM ET - LIN/PX Merger Update: The FTC has granted a conditional approval for the Linde/Praxair merger subject to further asset divestitures. In addition to the assets Linde had already agreed to divest in July 2018, the FTC requires the sale of furthe ..

US Strategy: What to Watch for on 3Q Earning Calls

Strategy Analysis: 11 Oct 2018, 4:37 AM ET - We surveyed our analyst teams for key sector level issues they will be paying close attention to with upcoming third quarter earnings calls beyond the typical sales, margins and earnings guidance. 
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Nutrien 2Q18: NPK Improvement

Earnings Note: 06 Aug 2018, 9:02 PM ET - Nutrien reported solid 2Q18 results with higher volumes reflecting the delayed spring season in the US and Canada, while the company also saw strong offshore potash demand.

US IG Chart of the Day: Issuer Entrants and Exits

Strategy Analysis: 16 Jul 2018, 9:04 AM ET - In today's chart of the day we identify issuers that have moved into or out of the ICE / BAML IG index since the beginning of the year. 

May 2018 US Company Recommendation Changes

US Company Recommendation Changes: 31 May 2018, 9:25 PM ET - Our monthly report provides executive summaries for the thirty-nine company recommendation changes made on North American companies during the month of May.
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Nutrien: Tianqi Agrees to Buy NTR’s SQM A Shares

Worth Watching: 18 May 2018, 12:00 AM ET - Nutrien (Baa2/BBB) announced that it has signed an agreement with Tianqui Lithium, by which Tiaqui Lithium has agreed to purchase 62.5 mn A shares of Sociedad Quimica y Minera de Chile for $65/share in cash. The transaction is worth roughly $4. ..
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Nutrien 1Q18: Shifting to O/P

Earnings Note: 13 May 2018, 11:29 PM ET - A delayed spring season in North America negatively impacted the industry, but prices were supported by strong demand while capacity additions were lower than expected. 

Bayer: EC Approves Monsanto Deal, DOJ Remains

Worth Watching: 22 Mar 2018, 10:07 PM ET - Bayer 's (A3/A-) $66 bn acquisition of Monsanto (A3/BBB) was conditionally approved by the European Commission on Wednesday. The regulator's concerns surrounding competition and innovation following the merger seem to have been successfully addr ..
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Nutrien: Announces Exchange Offer

Worth Watching: 15 Mar 2018, 11:49 PM ET - Nutrien (Baa2/BBB) announced an exchange offer on March 12, 2018. The exchange offer targets all of the outstanding notes and debentures of Potash Corp and Agrium for new notes to be issued by Nutrien having interest rates and maturities identi ..
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Nutrien: S&P Assigns a BBB Rating

Worth Watching: 12 Mar 2018, 9:51 PM ET - Nutrien (Baa2/BBB) S&P assigned a BBB rating to Nutrien and removed Agrium and Potash Corp from CreditWatch. The rating agency sees Agrium and Potash Corp as Nutrien's core entities, so S&P is matching ratings for the subsidiaries with that of ..

Tronox: EU Pauses Review of Cristal Merger

HY Note: 28 Feb 2018, 4:52 AM ET - The EU Commission paused its review of the Tronox/Cristal merger until it receives additional information from the two companies.  Although some may be alarmed, it is a fairly regular component of the EU Phase 2 process.

Section 232: The NAFTA Conundrum

Sector Analysis: 26 Feb 2018, 3:42 AM ET - Using Section 232 on Steel/Aluminum could damage supplier chains and cost structures and drive broader inflation.  A tariff gambit in such key industries could undermine the NAFTA negotiations and have immediate effects on risk pricing. 
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Nutrien: Moody’s Assigns a Baa2 Rating

Worth Watching: 08 Feb 2018, 9:03 PM ET - Nutrien: Moody's assigned a Baa2 rating to Nutrien, confirmed the Baa2 unsecured rating to Agrium, and downgraded Potash Corp's rating to Baa2 from Baa1.  The ratings outlook for Nutrien, Agrium, and Potash Corp are all stable. The rating refl ..
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Nutrien 4Q17: New Entity, Same Feel

Earnings Note: 07 Feb 2018, 11:48 PM ET - Following completion of the merger between Agrium and Potash, newly formed Nutrien conveyed optimism regarding potential synergies, but recorded mixed fourth quarter results against the backdrop of a still oversupplied industry.

Chemicals Outlook 2018 (Part 6): Petrochemicals

Sector Outlook: 01 Feb 2018, 4:07 AM ET - A significant amount of ethylene derivative capacity is expected to continue to come online throughout 2018, pressuring prices and margins. Companies will attempt to counter the incoming capacity headwinds with rising plant utilization.

Chemicals 2018 Outlook (Part 5): Chlor-Alkali

Sector Outlook: 25 Jan 2018, 10:35 PM ET - With investment in chlor-alkali capacity effectively non-existent and positive manufacturing and construction trends around the globe, we expect operating rates around the world to rise in the medium term. 
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Chemicals 2018 Outlook (Part 4): Fertilizers

Sector Outlook: 24 Jan 2018, 11:05 AM ET - The fertilizers' industry remains oversupplied and we expect the trend to persist over the next twelve months. Stable prices are expected as new capacity is coupled with supply management.

Chemicals 2018 Outlook (Part 3): Industrial Gases

Sector Outlook: 21 Jan 2018, 10:14 PM ET - Improving PMI trends not only in North America, but also globally, bode well for Industrial Gas demand in 2018 and will perhaps help mark an end to the protracted period of decline in gas project backlogs.

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