Moody's A rating is usually the lowest investment-grade rating, but it indicates low default risk on debt and, hence, isn't too worrisome. The Baa rating is one notch lower, signifying "moderate" credit risk. Moody's has primarily downgraded Potash Corp.'s senior unsecured bonds. As of September 30, 2016, the company held nearly $3.8 million worth in senior notes. While downgrading Potash Corp.'s ratings, Moody's Investor Service's senior vice president John Rogers said, "Although management has taken significant steps to retain the A3 rating, market conditions will make it extremely difficult for the company to generate credit metrics that would support the A3 rating over the next two years." Simply put, Moody's foresees Potash Corp.'s credit metrics will weaken in the near future.