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Moody’s Affirms PhosAgro’s Ba1 Credit Rating, Upgrades Outlook to Stable

22 February 2017
Moscow – PhosAgro (Moscow Exchange, LSE: PHOR), one of the world’s leading vertically integrated phosphate-based fertilizer producers, announces that Moody’s Investors Service has affirmed PhosAgro's Ba1 corporate family rating (CFR) and Ba1-PD probability of default rating (PDR), and has revised the outlook on the ratings to stable from negative.

The announcement of the rating action follows Moody's change of the outlook on Russia's Ba1 government bond rating to stable from negative on 17 February 2017, reflecting the government's enactment of a medium-term fiscal consolidation strategy and the beginning of economic recovery after a nearly two-year-long recession.

The Moody’s press release announcing this rating action is available here: https://www.moodys.com/research/Moodys-changes-to-stable-outlook-on-22-Russian-non-financial--PR_362271