[Rails] inflections problem - rails 3.1.1

After upgrading to Rails 3.1.1 I am getting an error related to
inflections for a model - TradeTerms
This model has same name for singular and plural tenses, but this is
now not recognized and I get error:
uninitialized constant TradeTerm

I tried messing around with initializer for inflections and set rules
(not sure which one is the one to use), but it made no difference
anyway and I still get the same error..

ActiveSupport::Inflector.inflections do |inflect|
inflect.singular 'trade_terms', 'trade_terms'
inflect.plural 'trade_terms', 'trade_terms'
inflect.irregular 'trade_terms', 'trade_terms'
end