Fitch Ratings Affirms PhosAgro's Investment Grade Credit Rating of BBB-/Stable

Date : 01/07/2020 @ 10:00
Source : UK Regulatory (RNS & others)

Fitch Ratings Affirms PhosAgro's Investment Grade Credit Rating of BBB-/Stable

 OJSC PhosAgro (PHOR) 
Fitch Ratings Affirms PhosAgro's Investment Grade Credit Rating of 
01-Jul-2020 / 12:00 MSK 
Dissemination of a Regulatory Announcement, transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
For Immediate Release   1 July 2020 
          Fitch Ratings Affirms PhosAgro's Investment Grade Credit Rating of 
   Moscow - PhosAgro ("the Company", Moscow Exchange, LSE: PHOR), one of the 
 world's leading vertically-integrated phosphate-based fertilizer producers, 
        announces that Fitch Ratings has affirmed its Long-Term Foreign- and 
  Local-Currency Issuer Default Ratings (IDR) at BBB- with a Stable outlook. 
   In its announcement, Fitch Ratings noted the sustainability of PhosAgro's 
         business and its competitive advantages, including low cash cost of 
  production and its cadmium free phosphate deposits. The agency underscored 
 that PhosAgro generates significant operating cash flow even during periods 
          of market volatility, and it expects that over the next four years 
                    PhosAgro's adjusted EBITDA margin will remain above 30%. 
 Fitch also expects PhosAgro's business sustainability to improve further in 
   the medium term as the company plans to increase the share of high-margin 
            complex fertilizers (NPKs), relative to less profitable DAP/MAP. 
  PhosAgro CEO Andrey Guryev commented: "We are constantly working to ensure 
       that PhosAgro can remain confident even during periods of significant 
  volatility and uncertainty. Investment grade credit ratings from the three 
    leading rating agencies confirm the effectiveness of our business model, 
                                         strategy and financial policy." 
               PhosAgro currently has three investment grade credit ratings: 
Fitch: BBB-/Stable 
S&P: BBB-/Stable 
Moody's: Baa3/Stable 
                                         About the Company 
PhosAgro is one of the world's leading vertically integrated phosphate-based 
      fertilizer producers in terms of production volumes of phosphate-based 
    fertilizers and high-grade phosphate rock with a P2O5 content of 39% and 
The Company is the largest phosphate-based fertilizer producer in Europe (by 
    total combined capacity for DAP/MAP/NP/NPK/NPS), the largest producer of 
  high-grade phosphate rock with a P2O5 content of 39%, a top-three producer 
  of MAP/DAP globally, one of the leading producers of feed phosphates (MCP) 
   in Europe, and the only producer in Russia, and Russia's only producer of 
                              nepheline concentrate (according to the RAFP). 
  PhosAgro's main products include phosphate rock, 50 grades of fertilizers, 
    feed phosphates, ammonia, and sodium tripolyphosphate, which are used by 
customers in 102 countries spanning all of the world's inhabited continents. 
      The Company's priority markets outside of Russia and the CIS are Latin 
                                         America, Europe and Asia. 
  PhosAgro's shares are traded on the Moscow Exchange, and Global Depositary 
    Receipts (GDRs) for shares trade on the London Stock Exchange (under the 
   ticker PHOR). Since 1 June 2016, the Company's GDRs have been included in 
                          the MSCI Russia and MSCI Emerging Markets indexes. 
More information about PhosAgro can be found on the website: 
ISIN:          US71922G2093 
Category Code: MSCL 
TIDM:          PHOR 
LEI Code:      25340053KRUNNYUWF472 
Sequence No.:  73027 
EQS News ID:   1083283 
End of Announcement EQS News Service 

(END) Dow Jones Newswires

July 01, 2020 05:00 ET (09:00 GMT)

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