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Fitch Ratings Affirms PhosAgro’s BBB-/Stable Credit Rating

Moscow – PhosAgro (Moscow Exchange, LSE: PHOR) ("PhosAgro", the "Company"), one of the world’s leading vertically integrated phosphate-based fertilizer producers, announces that Fitch Ratings has affirmed the Company’s Long-Term Foreign- and Local-Currency Issuer Default Ratings at ‘BBB-’ and Short-Term Rating at ‘F3’. The Outlook for the rating is Stable.

In its announcement, Fitch Ratings notes PhosAgro's investment-grade business profile, which is supported by the company's global leadership and significant market presence in phosphates. In particular, the rating agency notes that PhosAgro has one of the lowest DAP cash costs of production in the industry, which ensures its resilience to market fluctuations and allows it to generate substantial operating cash flows even during periods of volatility on the global fertilizer market.

PhosAgro CEO Andrey Guryev said: “I am pleased that an authoritative international agency has once again confirmed our Company’s status as a first-class borrower. I view this decision by Fitch as a confirmation of the effectiveness of our long-term strategy, which is based on a balanced approach to investment decision-making, as well as ensuring a high dividend yield and maintaining comfortable debt levels.”

PhosAgro currently holds three investment-grade credit ratings :

- Standard & Poor's Rating / Forecast: “BBB-” / “Stable”
- Moody's Rating / Forecast: “Baa3” / “Stable”
- Fitch Ratings Rating / Forecast: “BBB-” / “Stable”

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