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OJSC PhosAgro (PHOR)
Standard & Poor's raises Outlook on PhosAgro to Stable, confirms ratings at
investment-grade BBB-
25-Feb-2019 / 18:15 CET/CEST
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer / publisher is solely responsible for the content of this
announcement.
For Immediate Release 25 February 2019
Standard & Poor's raises Outlook on PhosAgro to Stable, confirms ratings at
investment-grade BBB-
Moscow - PhosAgro (Moscow Exchange, LSE: PHOR), one of the world's leading
vertically integrated phosphate-based fertilizer producers, announces that
international credit ratings agency Standard & Poor's (S&P) has confirmed
PhosAgro's rating at an investment-grade BBB- and raised its Outlook on the
rating to Stable from Negative.
In its report S&P notes that it expects recovering prospects for phosphate
and nitrate fertilizers, combined with growing volumes, to support
Phosagro's operating performance and financial metrics. The agency also
expects the Company's investment programme to remain broadly stable and to
focus on developing its mining and production capacities, and to increase
supplies of own raw materials.
PhosAgro CEO Andrey Guryev said: "The decision by a leading global ratings
agency to raise the outlook and to confirm our ratings at investment grade
underscores the efficiency and flexibility of our business model, which
enables us to achieve our strategic goals and deliver high results
throughout the cycle.
"2018 was the first full year of operation of our new ammonia and urea
facilities - key strategic projects of recent years that have driven our
operational results to a record. As a result, the Company is generating
increased operating cash flow that will allow PhosAgro to continue running
extensive social programmes in all of the Company's regions of presence."
The confirmation of the rating and revision of the Outlook by S&P completes
the ratings cycle, and PhosAgro now holds investment grade ratings with
stable outlooks from all three major global credit ratings agency.
The S&P press release is available here:
https://www.standardandpoors.com/en_US/web/guest/article/-/view/type/HTML/id
/2171404 [1]
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
higher.
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, 39 grades of fertilizers,
feed phosphates, ammonia, and sodium tripolyphosphate, which are used by
customers in 100 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:
www.phosagro.ru..
ISIN: US71922G2093
Category Code: MSCM
TIDM: PHOR
LEI Code: 635400F8A3KGJIIBIK95
Sequence No.: 7614
EQS News ID: 780875
End of Announcement EQS News Service
1: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=856534e304cc80b203e21e00db26ca28&application_id=780875&site_id=vwd&application_name=news
(END) Dow Jones Newswires
February 25, 2019 12:15 ET (17:15 GMT)
