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.
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
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..
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