Moody's Investors Service ("Moody's") assigned a Baa2 rating to Nutrien Ltd.'s (Nutrien) proposed issuance of $1.5 billion of senior unsecured notes due 2029 and 2049. Proceeds from the notes will be used to repay $500 million of 6.5% notes due upon their maturity on May 15, 2019, to reduce other indebtedness and for general corporate purposes. Nutrien's Baa2 rating is supported by its position as the largest producer of fertilizers globally, low-cost positions in potash and nitrogen fertilizers, a substantial and growing retail business that provides some stability to earnings and cash flow and good liquidity.