OJSC PhosAgro (PHOR)
Standard & Poor's Affirms PhosAgro's Investment Grade Credit Rating of
BBB-/Stable
23-Jun-2020 / 16:30 MSK
Dissemination of a Regulatory Announcement that contains inside information
according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
For Immediate Release 23 June 2020
Standard & Poor's Affirms PhosAgro's Investment Grade Credit Rating of
BBB-/Stable
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
About PhosAgro
PhosAgro (www.phosagro.com [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
P2O5 content of 39% and higher. PhosAgro's environmentally friendly
fertilizers stand out for their high efficiency, and they do not 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% and one of the leading
producers 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 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:
www.phosagro.com [1].
ISIN: US71922G2093
Category Code: MSCM
TIDM: PHOR
LEI Code: 25340053KRUNNYUWF472
OAM Categories: 2.2. Inside information
Sequence No.: 71539
EQS News ID: 1077027
End of Announcement EQS News Service
1: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=8f5b4bfefe8d147461e27463b8e4e900&application_id=1077027&site_id=vwd&application_name=news
(END) Dow Jones Newswires
June 23, 2020 09:30 ET (13:30 GMT)
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