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Moody’s Updates PhosAgro Credit Analysis

23.12.2019
Moscow – PhosAgro (Moscow Exchange, LSE: PHOR), one of the world’s leading vertically integrated phosphate-based fertilizer producers, announces that Moody’s Investors Services (“Moody’s”) has published an updated credit analysis for the Company.

The agency noted, among other things, that PhosAgro's Baa3 rating reflects the Company’s significant global market presence and focus on premium-priced value-added complex fertilizers;  strong margins through the cycle, underpinned by its high-quality mining resources, self-sufficiency in key raw materials, and access to low-cost sulphur and natural gas; and balanced financial policy and public commitment to an investment-grade rating mitigating historically sizeable dividend payouts, which will remain elevated under its new dividend policy.

PhosAgro currently holds the following credit ratings:
- Standard & Poor’s
Rating/Outlook: BBB- / “Stable”
- Moody’s 
Rating/Outlook: Baa3 / “Stable”
- Fitch
Rating/Outlook: BBB- / “Stable”

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