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

1 July 2020
Moscow – PhosAgro (“the Company”, Moscow Exchange, LSE: PHOR), one of the world’s leading vertically-integrated phosphate-based fertilizer producers, announces that Fitch Ratings has affirmed its Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR) at BBB- with a Stable outlook.

In its announcement, Fitch Ratings noted the sustainability of PhosAgro’s business and its competitive advantages, including low cash cost of production and its cadmium free phosphate deposits. The agency underscored that PhosAgro generates significant operating cash flow even during periods of market volatility, and it expects that over the next four years PhosAgro’s adjusted EBITDA margin will remain above 30%.

Fitch also expects PhosAgro's business sustainability to improve further in the medium term as the company plans to increase the share of high-margin complex fertilizers (NPKs), relative to less profitable DAP/MAP.

PhosAgro CEO Andrey Guryev commented: “We are constantly working to ensure that PhosAgro can remain confident even during periods of significant volatility and uncertainty. Investment grade credit ratings from the three leading rating agencies confirm the effectiveness of our business model, strategy and financial policy.”
PhosAgro currently has three investment grade credit ratings:

Fitch: BBB-/Stable
S&P: BBB-/Stable
Moody’s: Baa3/Stable