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PhosAgro Credit Rating Update

23 March 2015
Moscow – PhosAgro (Moscow Exchange, LSE: PHOR), one of the world’s leading vertically integrated phosphate-based fertilizer producers, announces that Fitch Ratings has affirmed the Company’s long-term foreign currency Issuer Default Rating (IDR) of ‘BB+’ with a Stable outlook.  

Standard & Poor’s left PhosAgro’s BBB- credit rating with a Negative outlook unchanged after that agency’s downgrade of the Russian sovereign rating in January 2015, while Moody’s  Investor Service adjusted the Company’s long-term Issuer Rating to Ba1/Negative on 25 February 2015, following the Russian Federation sovereign ceiling downgrade by that agency.

Following announcement by Fitch on the 20th of March, PhosAgro’s credit ratings are as follows:

Standard & Poor’s: BBB-/Negative
Fitch Ratings: BB+/Stable
Moody’s Investor Service: Ba1/Negative