OJSC PHOSAGRO: Correction: PhosAgro Crdt Ratings frm Moody’s and Fitch
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 facilities."
The Moody's Investor Service press release announcing the rating and key rating considerations 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 rating considerations is available at http://www.fitchratings.com/creditdesk/ press_releases/detail.cfm?pr_id=781307&origin=home
For further information please contact:
+7 495 231 2747 Irina Evstigneeva, Head of Corporate Finance and Investor Relations Timur Belov, Press Officer
Sam VanDerlip email@example.com +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, 2010).
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