Correction-Fitch Affirms & Removes Mosaic Company's Ratings From Negative Rating Watch.

CHICAGO -- (This is a correction for a press release issued earlier today. It corrects the headline and rating action.)

Fitch has affirmed Mosaic Company and its subsidiaries' ratings and removes them from Rating Watch Negative. The Outlook for Mosaic and its issuing subsidiaries is now

Fitch has affirmed and removed from Negative Watch the following ratings:

The Mosaic Company

--Issuer Default Rating (IDR) at 'BB-';

--Senior secured revolver rating at 'BB+';

--Senior secured term loan rating at 'BB+';

--Senior unsecured notes (with subsidiary guarantees) at 'BB'.

Mosaic Global Holdings

--IDR at 'BB-';

--Senior unsecured notes (with subsidiary guarantees) at 'BB';

--Senior unsecured notes and debentures (without subsidiary guarantees) at 'BB-'.

Phosphate Acquisition Partnership LP

--IDR 'BB-';

--Senior secured note rating at 'BB-'.

Mosaic Colonsay ULC

--IDR at 'BB-';

--Senior secured term loan at 'BB+'.

In January 2007, the ratings of Mosaic were placed on Rating Watch Negative when the company reported a new brine inflow at its Esterhazy, Saskatchewan potash mine which could have jeopardized long-term earnings and cash flow. Brine was flowing into a mined-out area at Esterhazy at a rate of 20,000 to 25,000 gallons per minute. Although Mosaic has been managing brine inflow at Esterhazy since 1985, the flooding that occurred in January was more substantial than before.

The Negative Rating Watch was driven by the potential loss of long-term earnings from Esterhazy if Mosaic was unable to mitigate the brine inflow. Abandonment of Esterhazy would have had a permanent long-term impact on Mosaic's future earnings and cash flow. Earnings from Esterhazy potash are a significant portion of potash segment earnings. Moreover, Mosaic's potash business has been an important and steady source of income for the company as it has struggled to improve its phosphates segment profitability and overall company cash flow.

The rating affirmation and Stable Outlook is based on Fitch's satisfaction that the mitigation efforts at the mine are now complete and there is no longer a threat to future earnings and cash flow. Since January, the inflow areas were pinpointed and Mosaic injected calcium chloride into inflow areas to plug the cracks thus stemming the flood. Brine inflow has declined from an initial estimate of 20,000-25,000 gpm to less than 4,000 gpm. The mine is currently capable of pumping 12,000 gpm far above mine requirements. The mine, which recently completed a 1.1 metric tonne expansion, is currently operating at near full capacity of 5.3 million mt per year.

Today, Mosaic announced it would repay an additional $150 million in term loan debt on June 29, 2007. The prepayments will consist of $56.4 million principal amount of Term Loan A-1 borrowings and $81.8 million principal amount of Term Loan B borrowings by Mosaic and $6.5 million principal amount of Term Loan A borrowings by its subsidiary, Mosaic Potash Colonsay ULC. On May 1, 2007 the company also repaid $250.0 million principal amount of term loans under the senior secured bank credit facility. The prepayments consisted of $94.0 million principal amount of Term Loan A-1 borrowings and $145.2 million principal amount of Term Loan B borrowings by Mosaic and $10.8 million principal amount of Term Loan A borrowings by its subsidiary Mosaic Potash Colonsay ULC.

The Mosaic Company is one of the largest global suppliers of phosphate and potash fertilizers. Mosaic earned approximately $671.4 million in Operating EBITDA on $5.42 billion in revenue LTM Feb. 28, 2007. The company had $2.57 billion in debt at that time.

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