Moody's Ups PhosAgro's Credit Rating Outlook to Stable

PJSC PHOSAGRO - Moody's Ups PhosAgro's Credit Rating Outlook to Stable

PR Newswire

London, February 22

Moody’s Affirms PhosAgro’s Ba1 Credit Rating, Upgrades Outlook to Stable

Moscow – PhosAgro (Moscow Exchange, LSE: PHOR), one of the world’s leading vertically integrated phosphate-based fertilizer producers, announces that Moody’s Investors Service has affirmed PhosAgro's Ba1 corporate family rating (CFR) and Ba1-PD probability of default rating (PDR), and has revised the outlook on the ratings to stable from negative.

The announcement of the rating action follows Moody's change of the outlook on Russia's Ba1 government bond rating to stable from negative on 17 February 2017, reflecting the government's enactment of a medium-term fiscal consolidation strategy and the beginning of economic recovery after a nearly two-year-long recession.

The Moody’s press release announcing this rating action is available here: https://www.moodys.com/research/Moodys-changes-to-stable-outlook-on-22-Russian-non-financial--PR_362271

Notes to Editors

PhosAgro is one of the leading global vertically integrated phosphate-based fertilizer producers. The Company focuses on the production of phosphate-based fertilizers, feed phosphate and high-grade phosphate rock (P2O5 content of not less than 39%).

The Company is the largest phosphate-based fertilizer producer in Europe, the largest producer of high-grade phosphate rock worldwide and the third largest MAP/DAP producer in the world (excluding China), according to Fertecon. PhosAgro is also one of the leading producers of feed phosphates (MCP) in Europe, and the only producer in Russia. It is Russia’s only producer of nepheline concentrate.

PhosAgro’s main products include phosphate rock, 33 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.