Canpotex Limited: Rating Report

On June 1, 2021, DBRS Limited (DBRS Morningstar) confirmed the Issuer Rating and Senior Unsecured Debt rating of Canpotex Limited (Canpotex or the Company) at A (low) with Stable trends. The confirmations primarily reflect the Company’s unique set of structural strengths, including the contractual commitments of its shareholders Mosaic Canada Crop Nutrition, LP (Mosaic LP), a wholly owned subsidiary of The Mosaic Company (Mosaic Co.), and Potash Corporation of Saskatchewan Inc. (PCS), a wholly owned subsidiary of Nutrien Ltd. (Nutrien), and its producers (Mosaic LP, PCS, and
Nutrien subsidiary Agrium Inc. (Agrium)), as well as implied support of its shareholders’/producers’ respective investment-grade ultimate parent companies (Mosaic Co. and Nutrien).