# Fitch Affirms PhosAgro at 'BBB-'; Stable Outlook

> 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.

- Date: 2020-06-30 · published 2020-06-30T12:00:00.000Z
- Category: report · region Russia · magnitude low
- Page: https://feedsoft.ai/events/52937-fitch-affirms-phosagro-at-bbb-stable-outlook
- Commodities: [DAP](https://feedsoft.ai/c/DAP.md)

## Why it matters

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.

## Read by commodity

- DAP: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DAP | 2023-12-07 | [Global Fertilizer Outlook - 2](https://feedsoft.ai/events/33032-global-fertilizer-outlook-2.md) | +0.9% | +3.9% |
| DAP | 2021-01-05 | [Global fertiliser price outlook positive news for Australian growers - Grain Central](https://feedsoft.ai/events/11957-global-fertiliser-price-outlook-positive-news-for-australian-growers-grain.md) | +0.3% | +37.4% |
| DAP | 2019-12-17 | [Swamped with Supply: Rabobank Releases Latest Global Fertilizer Outlook - AgriBusiness Global](https://feedsoft.ai/events/55520-swamped-with-supply-rabobank-releases-latest-global-fertilizer-outlook.md) | +4.0% | +4.8% |
| DAP | 2021-04-20 | [1Q 2021 Operating Results: PhosAgro Reports 40% Quarter-on-Quarter Increase in Fertilizer Sales to 2.9 Million Tonnes](https://feedsoft.ai/events/47923-1q-2021-operating-results-phosagro-reports-40-quarter-on-quarter-increase-in.md) | -0.3% | +6.6% |
| DAP | 2021-09-30 | [New North African phosphate plants - BC Insight](https://feedsoft.ai/events/45381-new-north-african-phosphate-plants-bc-insight.md) | +5.2% | +5.7% |

## Sources

- fitchratings.com: https://www.fitchratings.com/research/corporate-finance/fitch-affirms-phosagro-at-bbb-stable-outlook-30-06-2020

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.