OJSC PHOSAGRO: Correction: PhosAgro Crdt Ratings frm Moody’s and Fitch
Corrects wording of CEO quote.
For Immediate Release 30 January 2012
PhosAgro Receives Credit Ratings from Moody'sand Fitch
Moscow - PhosAgro (or "the Company") (Moscow Exchange, LSE: PHOR), a leading
global vertically integrated phosphate-based fertilizer producer, announces
that Moody's Investor Service has assigned the company an investment-grade
long-term Issuer Rating of `Baa3' with a Stable outlook. Fitch Ratings has
assigned 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 an
investment-grade credit rating of Baa3 from Moody's, which reflects PhosAgro's
resilient business model, exceptionally strong balance sheet, and robust cash
flow generation capacity. This is important recognition of the financial
strength of our business as we continue to pursue key strategic goals with a
focus on taking advantage of our flexible production and sales model to retain
maximum capacity utilization rates, together with organic growth through
capacity increases and consolidation of ownership in key production
The Moody's Investor Service press release announcing the rating and key rating
considerations is available at http://www.moodys.com/research/
The Fitch Ratings press release announcing the rating and key rating
considerations is available at http://www.fitchratings.com/creditdesk/
For further information please contact:
+7 495 231 2747
Irina Evstigneeva, Head of Corporate Finance and Investor Relations
Timur Belov, Press Officer
+44 (0) 20 7920 2356
Notes to Editors
PhosAgro is a leading global vertically integrated phosphate-based fertiliser
producer. The Group focuses on the production of phosphate-based fertilisers,
feed phosphate and high-grade phosphate rock (with P2O5 content of not less
than 39 percent), as well as ammonia and nitrogen-based fertilisers.
The Group is the largest phosphate-based fertiliser producer in Europe, the
largest producer of high-grade phosphate rock worldwide and the second largest
MAP/DAP producer in the world (excluding China), according to Fertecon.
PhosAgro is also a leading producer of MCP feed phosphates in Europe, and the
only producer in Russia.
PhosAgro has 2.1 billion tonnes of resources (according to JORC) of high
quality apatite-nepheline ore, representing over 75 years of production. The
Group also controls substantial Al2O3 resources and has 41% of Russia's rare
earth oxides resources according to the G.P. Luzin Institute of Economic
Problems of the Kolskiy Scientific Centre of the Russian Academy of Sciences,
The Group's mines and phosphate rock production facilities are located in the
mountainous areas of the Kola Peninsula in the Murmansk region of northwest
Russia, whereas its fertiliser and feed phosphate production assets are located
near the city of Cherepovets in the Vologda region and near the city of
Balakovo in the Saratov region of southwest part of European Russia. PhosAgro's
2011 IFRS revenue was over USD 3.4 bln and EBITDA was USD 1.2 bln. The С
ompany's net debt/EBITDA ratio was 0.43 at 31 December 2011.
For further information on PhosAgro please visit: www.PhosAgro.com
-0- Jan/30/2013 11:08 GMT
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