The agency noted, among other things, that PhosAgro’s Baa3 rating reflects the Company’s significant global market presence and focus on premium-priced value-added complex fertilizers;  strong margins through the cycle, underpinned by its high-quality mining resources, self-sufficiency in key raw materials, and access to low-cost sulphur and natural gas; and balanced financial policy and public commitment to an investment-grade rating mitigating historically sizeable dividend payouts, which will remain elevated under its new dividend policy.

PhosAgro currently holds the following credit ratings:

Standard & Poor’s

Rating/Outlook: BBB- / “Stable”

Moody’s 

Rating/Outlook: Baa3 / “Stable”

Fitch

Rating/Outlook: BBB- / “Stable”