CF Industries Holdings Inc (CF)

[jdp2000]

Press Release: S&PGR Affirms CF Industries 'BBB-' Ratings; Outlook Negative

6:57 pm ET August 4, 2016 (Dow Jones

The following is a press release from Standard & Poor's:

-- We expect that U.S. nitrogen fertilizer producer CF Industries Inc.'s

operating performance will continue to be weak in 2016 and most of 2017, while

improving thereafter.

-- We are affirming our ratings on CF Industries Inc., including the

'BBB-' corporate credit and senior unsecured issue-level ratings.

-- We are also issuing an unsolicited 'BBB-' rating to the company's

amended $1.5 billion credit facility.

-- The negative outlook indicates at least a one-in-three chance we could

lower the ratings in the next 24 months if business conditions or management's

financial policies result in weighted average adjusted debt to EBITDA

consistently above 3x.

NEW YORK (S&P Global Ratings) Aug. 4, 2016--S&P Global Ratings today affirmed

its 'BBB-' corporate credit and senior unsecured issue-level ratings on