Fitch revises Uralkali view to negative

Fitch Ratings said it revised the outlook on PJSC Uralkali to negative from stable and affirmed the long-term issuer and senior unsecured ratings at BB-.

“The negative outlook reflects the uncertainty regarding Uralkali's capital allocation policy and the change in its ownership structure, with limited visibility of the parent's financial profile. While the incurrence covenant in Uralkali's eurobonds due in 2024 and the maintenance covenant in its pre-export facility (PXF) provide some insulation, they also allow an increase in leverage and their potential revision following the refinancing may support a re-assessment of our approach to a consolidated profile,” Fitch said in a press release.

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