Fitch: PhosAgro view to positive

Fitch Ratings said it affirmed PhosAgro's long-term foreign-currency issuer default rating and senior unsecured rating at BB+ and revised the outlook to positive from stable.

Fitch said the outlook revision reflects its expectation of PhosAgro reaching its positive leverage guideline over the rating horizon of 1.5 times FFO net adjusted leverage by 2019 following the completion of its expansion capex program.

This is underpinned by PhosAgro's strong market position and market-leading cost competitiveness, which continues to support its strong cash generation capacity and allows it to reduce leverage at a time of low fertilizer prices and moderate capex, the agency added.

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