Fitch: Phosagro notes BB+

Fitch Ratings said it assigned a final senior unsecured BB+ rating to Phosagro Bond Funding Ltd.'s issue of 4.204% notes due February 2018 for the aggregate amount of $500 million.

The company has a long-term foreign-currency issuer default rating of BB+, short-term foreign-currency issuer default rating of B, senior unsecured foreign-currency rating of BB+, long-term local-currency issuer default rating of BB+, senior unsecured local-currency rating of BB+ and national long-term rating of AA(rus).

The outlook is stable.

The transaction is structured in the form of a loan from issuer Phosagro Bond Funding to the borrower, OJSC PhosAgro. Operating companies OJSC Apatit, Balakovo Mineral Fertilisers LLC and OJSC PhosAgro-Cherepovets provide irrevocable and unconditional guarantees in respect of PhosAgro's obligations under the loan, Fitch said.

PhosAgro's sales structure by regions is diversified with its focus on the Russian/Commonwealth of Independent States, European and Asian markets, Fitch said.

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