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Standard & Poor’s Affirms PhosAgro’s Investment Grade Credit Rating of BBB-/Stable

23 June 2020
Moscow – PhosAgro (Moscow Exchange, LSE: PHOR), one of the world’s leading vertically integrated phosphate-based fertilizer producers, announces that S&P Global Ratings has affirmed the Company’s investment grade Issuer Credit Rating of BBB- with a stable outlook.

In its report, Standard & Poor's notes that the stable outlook for PhosAgro reflects the agency’s view that PhosAgro’s credit metrics will remain commensurate with current ratings, the adjusted debt to EBITDA ratio will stay below 2x and the ratio of funds from operations (FFO) to debt will be above 45%. The stable outlook also reflects S&P’s view that PhosAgro will maintain its leading positions in the nitrogen and phosphate fertilizer segments due to low cash cost of production and additional support from the ruble exchange rate.

PhosAgro CEO Andrey Guryev said: “Confirmation of our status as a first-class borrower by one of the most respected global rating agencies, especially during a period of heightened volatility and global uncertainty, indicates PhosAgro's fundamental stability and strong financial discipline.”

PhosAgro currently has three investment grade credit ratings:

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