Fitch lifts Uralkali view to stable

Fitch Ratings said it revised PJSC Uralkali's outlook to stable from negative and affirmed its long-term issuer default rating at BB-.

The stable outlook reflects a view that Uralkali's financial metrics will be maintained at a level commensurate with the current rating as a result of the group's focus on de-leveraging and stronger market conditions, Fitch said.

The agency's base case predicts that Uralkali will maintain funds from operations-to-adjusted net leverage at lower than the 4x negative guideline over 2018 through 2021, Fitch noted.

The rating reflects Uralkali's weak financial profile over the last few years due to a combination of debt-funded share buybacks and weak potash pricing, the agency said.

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