CALGARY, Alberta, Apr 14, 2004 (BUSINESS WIRE) -- Agrium Inc. (NYSE:AGU) (TSX:AGU) announced today that on April 13th, 2004 Standard & Poor's Ratings Services revised the outlook on Agrium Inc. to stable from negative. At the same time, Standard & Poor's Ratings Services has affirmed the 'BBB' long-term corporate credit rating and raised the short term rating to 'A-2' from 'A-3'.

Standard & Poor's noted, "Despite continuing volatile feedstock costs, Agrium demonstrated improved performance in 2003 as demand improved in its key western Canadian markets and tighter nitrogen markets allowed for increased margins. Current market conditions indicate that results in 2004 will be at least as good as 2003." Standard & Poor's also recognized Agrium's diversity, debt reduction performance, good liquidity and moderate financial policies in its decision to revise the outlook and raise the short term rating.

Agrium Inc. is a leading global producer and marketer of agricultural nutrients and industrial products and a major retail supplier of agricultural products and services in both North America and Argentina. Agrium produces and markets three primary groups of nutrients: nitrogen, phosphate, potash as well as micronutrients. Agrium's strategy is to grow through incremental expansion of its existing operations and acquisitions as well as the development, commercialization and marketing of new products and international opportunities.

SOURCE: Agrium Inc.

CONTACT: Agrium Inc.
Richard Downey
Investor/Media Relations
(403) 225-7357
Fax: (403) 225-7609