OJSC PhosAgro (PHOR)
Fitch Ratings Affirms PhosAgro's BBB-/Stable Credit Rating
19-Nov-2019 / 08:40 CET/CEST
Dissemination of a Regulatory Announcement that contains inside information
according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group.
The issuer / publisher is solely responsible for the content of this
announcement.
For Immediate Release 19 November 2019
Fitch Ratings Affirms PhosAgro's BBB-/Stable Credit Rating
Moscow - PhosAgro (Moscow Exchange, LSE: PHOR) ("PhosAgro", the "Company"),
one of the world's leading vertically integrated phosphate-based fertilizer
producers, announces that Fitch Ratings has affirmed the Company's Long-Term
Foreign- and Local-Currency Issuer Default Ratings at 'BBB-' and Short-Term
Rating at 'F3'. The Outlook for the rating is Stable.
In its announcement, Fitch Ratings notes PhosAgro's investment-grade
business profile, which is supported by the company's global leadership and
significant market presence in phosphates. In particular, the rating agency
notes that PhosAgro has one of the lowest DAP cash costs of production in
the industry, which ensures its resilience to market fluctuations and allows
it to generate substantial operating cash flows even during periods of
volatility on the global fertilizer market.
PhosAgro CEO Andrey Guryev said: "I am pleased that an authoritative
international agency has once again confirmed our Company's status as a
first-class borrower. I view this decision by Fitch as a confirmation of the
effectiveness of our long-term strategy, which is based on a balanced
approach to investment decision-making, as well as ensuring a high dividend
yield and maintaining comfortable debt levels."
PhosAgro currently holds three investment-grade credit ratings:
- Standard & Poor's Rating / Forecast: "BBB-" / "Stable"
- Moody's Rating / Forecast: "Baa3" / "Stable"
- Fitch Ratings Rating / Forecast: "BBB-" / "Stable"
About PhosAgro
PhosAgro (www.phosagro.ru [1]) 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
P 2O5 content of 39% and higher. PhosAgro's environmentally friendly
fertilizers stand out for their high efficiency, and they do no lead to the
contamination of soils with heavy metals.
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
[1].
ISIN: US71922G2093
Category Code: MSCM
TIDM: PHOR
LEI Code: 635400F8A3KGJIIBIK95
Sequence No.: 30036
EQS News ID: 915953
End of Announcement EQS News Service
1: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=443ca16678306c21ad7d78a6b83a5230&application_id=915953&site_id=vwd&application_name=news
(END) Dow Jones Newswires
November 19, 2019 02:40 ET (07:40 GMT)
© 2019 Dow Jones News
