Fitch rates OCP notes BBB-

Fitch Ratings said it published OCP SA's long-term issuer default rating of BBB- with stable outlook.

The agency said it simultaneously assigned an expected senior unsecured BBB- rating to OCP's proposed issue of notes.

The notes are rated at the same level as OCP's issuer default rating as they will be direct, unconditional and unsecured obligations of OCP and will rank pari passu will all existing and future senior unsecured and unsubordinated obligations of the issuer, Fitch said.

The ratings reflect OCP's vertical integration, competitive cost position, exceptionally large ore reserves and its leading market positions in phosphoric acid and phosphate rock, the agency said.

Constraints include the group's exposure to the phosphate fertilizer cycle, Fitch said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.