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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.

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