Fitch revises Israel Chemicals view

Fitch Ratings said it revised Israel Chemicals Ltd.'s outlook to positive from stable, while affirming its long-term issuer default rating at BBB-.

Fitch also affirmed the senior unsecured rating of its $184 million outstanding 4½% senior notes due 2024 and $600 million 6 3/8% senior notes due 2038 at BBB-.

“The positive outlook reflects a faster deleveraging than anticipated under our previous base case and our view that ICL will maintain funds from operations (FFO) adjusted net leverage below our 2.5x positive sensitivity over the next three years on the back of lower debt levels, stable EBITDA generation and modest capex and dividends,” the agency said in a news release.

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