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PhosAgro’s Standard & Poor’s Credit Rating Upgraded to BBB-

29 April 2013
Moscow – PhosAgro (Moscow Exchange, LSE: PHOR), a leading global vertically integrated phosphate-based fertilizer producer, announces that Standard & Poor's Ratings Services today raised its long-term corporate credit rating for the company from ‘BB+’ to 'BBB-' with a stable outlook.

This is PhosAgro’s second investment grade credit rating: in January 2013 Moody’s Investor Service assigned PhosAgro an investment-grade long-term Issuer Rating of ‘Baa3’ with a stable outlook.

PhosAgro Management Board Chairman and CEO Maxim Volkov said: “PhosAgro’s second investment grade rating reflects the fact that our business model, which aims to achieve organic growth combined with production and sales flexibility, and our conservative financial policy support stable cash flows while maintaining strong profitability, even when the phosphate fertilizer market is under pressure. With our successful debut USD 500 mln Eurobond in February and the SPO in April of 2013, we are in an excellent position to move forward with key strategic initiatives aimed at building shareholder value while maintaining a solid financial position.”

The Standard & Poor’s press release announcing the rating and key rating considerations is available at (registration required): http://www.standardandpoors.com/prot/ratings/articles/en/eu/?articleType=HTML&assetID=1245350852905