Standard & Poor's Affirms PhosAgro's Investment Grade Credit Rating of BBB-/Stable

Standard & Poor's Affirms PhosAgro's Investment Grade Credit Rating of BBB-/Stable

Moscow - PhosAgro (Moscow Exchange, LSE: PHOR), one of the world's leading vertically integrated phosphate-based fertilizer producers, announces that S&P Global Ratings has affirmed the Company's investment grade Issuer Credit Rating of BBB- with a stable outlook.

In its report, Standard & Poor's notes that the stable outlook for PhosAgro reflects the agency's view that PhosAgro's credit metrics will remain commensurate with current ratings, the adjusted debt to EBITDA ratio will stay below 2x and the ratio of funds from operations (FFO) to debt will be above 45%. The stable outlook also reflects S&P's view that PhosAgro will maintain its leading positions in the nitrogen and phosphate fertilizer segments due to low cash cost of production and additional support from the ruble exchange rate.

PhosAgro CEO Andrey Guryev said: "Confirmation of our status as a first-class borrower by one of the most respected global rating agencies, especially during a period of heightened volatility and global uncertainty, indicates PhosAgro's fundamental stability and strong financial discipline."

PhosAgro currently has three investment grade credit ratings:

S&P: BBB-/Stable

Moody's: Baa3/Stable

Fitch: BBB-/Stable

About PhosAgro

PhosAgro (www.phosagro.com) 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 39% and higher. PhosAgro's environmentally friendly fertilizers stand out for their high efficiency, and they do not lead to the contamination of soils with heavy metals.

The Company is the largest phosphate-based fertilizer producer in Europe (by total combined capacity for DAP/MAP/NP/NPK/NPS), the largest producer of high-grade phosphate rock with a P2O5 content of 39% and one of the leading producers of MAP/DAP globally, one of the leading producers of feed phosphates (MCP) in Europe, and the only producer in Russia, and Russia's only producer of nepheline concentrate (according to the RAFP).

PhosAgro's main products include phosphate rock, 39 grades of fertilizers, feed phosphates, ammonia, and sodium tripolyphosphate, which are used by customers in 102 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.

More information about PhosAgro can be found on the website: www.phosagro.com.