Moody's raises PhosAgro's credit rating to Baa3/Stable

PJSC PHOSAGRO - Moody's raises PhosAgro's credit rating to Baa3/Stable

PR Newswire

London, January 30

Moody’s raises PhosAgro’s credit rating to investment grade, confirms Stable outlook

Moscow – PhosAgro ("PhosAgro" or "the Company") (Moscow Exchange, LSE: PHOR), one of the world’s leading vertically integrated phosphate-based fertilizer producers, announces that Moody’s Investor Service has raised the Company’s rating from Ba1 to Baa3, denoting investment grade. The outlook on the rating remains stable.

The upgrade follows Moody’s decision to change the outlook on Russia’s sovereign Ba1 ratings from Stable to Positive. Among other factors the agency cited Russia’s growing institutional strength as a reason for its decision.

PhosAgro CEO Andrey Guryev said: “We are pleased that a respected international ratings agency has revised its assessment in light of the growth prospsects of both the Russian economy and top-tier Russian companies.”

Moody’s press release on its ratings actions is available here: https://www.moodys.com/research/Moodys-takes-rating-actions-on-26-Russian-non-financial-corporates--PR_378715

As a result PhosAgro holds investment-grade credit ratings from two ratings agencies:

Notes to Editors

PhosAgro (www.phosagro.ru) 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 not less than 39% (according to IFA, Fertecon and CRU).

The Company is the largest phosphate-based fertilizer producer in Europe, the largest producer of high-grade phosphate rock (with a P2O5 content of not less than 37%) worldwide and the third largest MAP/DAP producer in the world (excluding China), according to IFA. PhosAgro is also one of the leading producers of feed phosphates (MCP) in Europe, and the only producer in Russia. PhosAgro is Russia’s only producer of nepheline concentrate.

PhosAgro’s main products include phosphate rock, over 35 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.