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Fitch Affirms PhosAgro’s BB+ Credit Rating, Upgrades Outlook to Positive

15 February 2017
Moscow – PhosAgro (Moscow Exchange, LSE: PHOR), one of the world’s leading vertically integrated phosphate-based fertilizer producers, announces that Fitch Ratings has affirmed PhosAgro's Long-Term Foreign-Currency Issuer Default Rating (IDR) and senior unsecured rating at 'BB+' and has revised the Outlook on the IDR to Positive from Stable.

In its announcement of the rating action, Fitch Ratings cites PhosAgro's strong market position and market-leading cost competitiveness, which continues to support its strong cash generation capacity and allows it to reduce leverage at a time of low fertiliser prices and moderate capex.

The Fitch Ratings press release announcing this rating action is available here: https://www.fitchratings.com/site/pr/1018961