Correction: PhosAgro Crdt Ratings frm Moody’s and Fitch

OJSC PHOSAGRO - Correction: PhosAgro Crdt Ratings frm Moody’s and Fitch

PR Newswire

London, January 30

Corrects wording of CEO quote.

PhosAgro Receives Credit Ratings from Moody'sand Fitch

Moscow - PhosAgro (or "the Company") (Moscow Exchange, LSE: PHOR), a leadingglobal vertically integrated phosphate-based fertilizer producer, announcesthat Moody's Investor Service has assigned the company an investment-gradelong-term Issuer Rating of `Baa3' with a Stable outlook. Fitch Ratings hasassigned the Company a long-term foreign currency Issuer Default Rating (IDR)of `BB+' with a Stable outlook.

PhosAgro CEO Maxim Volkov said: "We are extremely pleased to have obtained aninvestment-grade credit rating of Baa3 from Moody's, which reflects PhosAgro'sresilient business model, exceptionally strong balance sheet, and robust cashflow generation capacity. This is important recognition of the financialstrength of our business as we continue to pursue key strategic goals with afocus on taking advantage of our flexible production and sales model to retainmaximum capacity utilization rates, together with organic growth throughcapacity increases and consolidation of ownership in key productionfacilities."

The Moody's Investor Service press release announcing the rating and key ratingconsiderations is available at http://www.moodys.com/research/Moodys-assigns-Baa3-long-term-issuer-rating-to-OJSC-Phosagro--PR_264949?lang=ru&cy=easterneur

The Fitch Ratings press release announcing the rating and key ratingconsiderations is available at http://www.fitchratings.com/creditdesk/press_releases/detail.cfm?pr_id=781307&origin=home

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OJSC PhosAgro

PhosAgro is a leading global vertically integrated phosphate-based fertiliserproducer. The Group focuses on the production of phosphate-based fertilisers,feed phosphate and high-grade phosphate rock (with P2O5 content of not lessthan 39 percent), as well as ammonia and nitrogen-based fertilisers.

The Group is the largest phosphate-based fertiliser producer in Europe, thelargest producer of high-grade phosphate rock worldwide and the second largestMAP/DAP producer in the world (excluding China), according to Fertecon.PhosAgro is also a leading producer of MCP feed phosphates in Europe, and theonly producer in Russia.

PhosAgro has 2.1 billion tonnes of resources (according to JORC) of highquality apatite-nepheline ore, representing over 75 years of production. TheGroup also controls substantial Al2O3 resources and has 41% of Russia's rareearth oxides resources according to the G.P. Luzin Institute of EconomicProblems of the Kolskiy Scientific Centre of the Russian Academy of Sciences,2010).

The Group's mines and phosphate rock production facilities are located in themountainous areas of the Kola Peninsula in the Murmansk region of northwestRussia, whereas its fertiliser and feed phosphate production assets are locatednear the city of Cherepovets in the Vologda region and near the city ofBalakovo in the Saratov region of southwest part of European Russia. PhosAgro's2011 IFRS revenue was over USD 3.4 bln and EBITDA was USD 1.2 bln. The Сompany's net debt/EBITDA ratio was 0.43 at 31 December 2011.

For further information on PhosAgro please visit: www.PhosAgro.com