Moscow – PhosAgro ("PhosAgro" or "the Company") (Moscow Exchange, LSE: PHOR), one of the world’s leading vertically integrated phosphate-based fertilizer producers, announces that Fitch Ratings has raised the Company’s Long-Term Foreign-Currency Issuer Default Rating (IDR) from BB+ to investment-grade BBB– with a Stable outlook.
In its announcement of the rating action Fitch Ratings cites PhosAgro's improving business profile, with an expansion of both nitrogen and phosphate fertiliser output by over 50% since 2012. This expansion has been achieved through efficient capex and an extensive cost-control programme. The announcement also says that PhosAgro has also shown its resilience to the current market trough in fertiliser prices and has a coherent track record on dividends.
PhosAgro CEO Andrey Guryev said: “Today we have been assigned an investment-grade rating by Fitch, and almost two weeks ago Moody’s also upgraded our ratings. We are pleased that leading international ratings agencies have appreciated our efforts to manage costs and increase our operational efficiency, and our rational approach to capital investments.”
As a result, PhosAgro now has investment-grade credit ratings from three ratings agencies:
- Standard & Poor’s: BBB– / Negative
- Moody’s: Baa3 / Stable
- Fitch: BBB– / Stable