S&P revises EuroChem Group to positive

S&P said it revised its outlook on EuroChem Group AG to positive from stable and affirmed its BB- long-term issuer credit rating.

At the same time, S&P affirmed the BB- issue ratings on EuroChem's existing senior unsecured debt.

“We revised the outlook to positive because we might raise the rating during the next year, given our expectation that EuroChem will improve its adjusted funds from operations (FFO) to debt to about 20% in 2018, and further to around 30% in 2019,” S&P said in a news release.

“Our expectation is supported by the improving pricing environment in the fertilizer industry, with prices bottoming out after prolonged low-cycle conditions.”

© 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.