S&P upgrades PhosAgro

Standard & Poor's said it raised its long-term corporate credit rating on PhosAgro OJSC to BBB- from BB+. The outlook is stable.

S&P also raised its Russia national scale rating on the company to ruAAA from ruAA+.

The upgrade reflects PhosAgro's successful secondary public offering in April. This resulted in free float almost doubling and the company obtaining over $200 million of new equity, S&P said.

The share offer followed PhosAgro's debut issue in February of a significant ($500 million), long-term bond at an "affordable" 4.2% coupon, the agency said. Combined with S&P's view of the company's continually prudent financial policies, these achievements have led S&P to revise its assessment of the financial risk profile to "intermediate" from "significant."

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