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Fitch affirmed PhosAgro's Long-Term IDRs at 'BBB-' with a Stable Outlook, citing the company's cost leadership and resilience through the current economic crisis and low phosphate prices. Fitch expects FFO net leverage to rise temporarily to 2.3x in 2020 due to high minimum dividend payments before falling to 1.8x in 2021.
A credit rating affirmation signals the Russian phosphate producer can sustain output despite weak phosphate prices, so supply is unlikely to be disrupted, keeping DAP pressure on the downside.
fitchratings.comJun 30, 2020After 38 past neutral report events, DAP moved a median +0.5% over 5 sessions (61% higher; middle half -0.5% to +1.6%), and +3.9% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
