Moody's raises Compass Minerals rating to "Ba2"

Moody's Investors Service on Tuesday raised its corporate family rating on Compass Minerals International Inc., saying the salt and fertilizer ingredient producer's debt load is improving.

The rating firm raised the rating to "Ba2" from "Ba3." Moody's cited the recent redemption and refinancing of outstanding debt, which lowered the overall cost of borrowing money.

In addition, the company's salt business "has benefited from severe North American 2007/2008 winter weather conditions supporting higher sales volumes and prices," while pricing for its sulfate of potash fertilizer is also improving, Moody's said.

The issue ratings on the company's term loan and revolver remain "Ba2."

All of the ratings remain below investment grade. Moody's said the outlook for each is stable.

Compass shares rose $1.15 to $82.07 in after-hours trading. The stock lost $1.56 to $80.92 during the regular session.