S&P lifts PhosAgro view to stable

S&P said it revised the outlook on PhosAgro to stable from negative and affirmed its BBB- ratings.

The stale outlook reflects a view that PhosAgro's credit metrics will remain commensurate with the current ratings and an adjusted debt-to-EBITDA ratio to lower than 2x, the agency said.

The outlook revision follows a bottoming out of prices in the fertilizer industry after prolonged period of low-cycle conditions, S&P said.

The agency said it expects stronger prices to support PhosAgro's operating performance and financial metrics.

In addition to the improved industry conditions, PhosAgro's EBITDA has benefitted from the weaker ruble exchange rate, S&P said.

The outlook on the phosphates price is moderately positive, supported by a favorable long-term supply and demand balance, the agency said.

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