PhosAgro's S&P Credit Rating Upgraded to BBB-

OJSC PHOSAGRO - PhosAgro's S&P Credit Rating Upgraded to BBB-

PR Newswire

London, April 29

Moscow - PhosAgro (Moscow Exchange, LSE: PHOR), a leading global verticallyintegrated phosphate-based fertilizer producer, announces that Standard &Poor's Ratings Services today raised its long-term corporate credit rating forthe company from `BB+' to 'BBB-' with a stable outlook.

This is PhosAgro's second investment grade credit rating: in January 2013Moody's Investor Service assigned PhosAgro an investment-grade long-term IssuerRating of `Baa3' with a stable outlook.

PhosAgro Management Board Chairman and CEO Maxim Volkov said: "PhosAgro'ssecond investment grade rating reflects the fact that our business model, whichaims to achieve organic growth combined with production and sales flexibility,and our conservative financial policy support stable cash flows whilemaintaining strong profitability, even when the phosphate fertilizer market isunder pressure. With our successful debut USD 500 mln Eurobond in February andthe SPO in April of 2013, we are in an excellent position to move forward withkey strategic initiatives aimed at building shareholder value while maintaininga solid financial position."

The Standard & Poor's press release announcing the rating and key ratingconsiderations is available at (registration required):http://www.standardandpoors.com/prot/ratings/articles/en/eu/?articleType=HTML&assetID=1245350852905

For further information please contact:

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's2012 IFRS revenue was over USD 3.4 bln and EBITDA was USD 1.1 bln. The Сompany'snet debt/EBITDA ratio was 0.77 at 31 December 2012.

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