REG-PJSC PhosAgro: Moody's raises PhosAgro's credit rating to Baa3/Stable <Origin Href="QuoteRef">PHOR.MM</Origin>

PhosAgro PAOAnnouncement

30/01/2018 11:30

For Immediate Release   30 January 2018 

Moody’s raises PhosAgro’s credit rating to investment grade, confirms
Stable outlook

Moscow – PhosAgro ("PhosAgro" or "the Company") (Moscow Exchange, LSE:
PHOR), one of the world’s leading vertically integrated phosphate-based
fertilizer producers, announces that Moody’s Investor Service has raised the
Company’s rating from Ba1 to Baa3, denoting investment grade. The outlook on
the rating remains stable.

The upgrade follows Moody’s decision to change the outlook on Russia’s
sovereign Ba1 ratings from Stable to Positive. Among other factors the agency
cited Russia’s growing institutional strength as a reason for its decision.

PhosAgro CEO Andrey Guryev said: “We are pleased that a respected
international ratings agency has revised its assessment in light of the growth
prospsects of both the Russian economy and top-tier Russian companies.”

Moody’s press release on its ratings actions is available here:
https://www.moodys.com/research/Moodys-takes-rating-actions-on-26-Russian-non-financial-corporates--PR_378715

As a result PhosAgro holds investment-grade credit ratings from two ratings
agencies:
* Standard & Poor’s: BBB- / Negative
* Moody’s: Baa3 / Stable
Notes to Editors

PhosAgro (www.phosagro.ru) is one of the world’s leading vertically
integrated phosphate-based fertilizer producers in terms of production volumes
of phosphate-based fertilizers and high-grade phosphate rock with a P(2)O(5)
content of not less than 39% (according to IFA, Fertecon and CRU).

The Company is the largest phosphate-based fertilizer producer in Europe, the
largest producer of high-grade phosphate rock (with a P(2)O(5) content of not
less than 37%) worldwide and the third largest MAP/DAP producer in the world
(excluding China), according to IFA. PhosAgro is also one of the leading
producers of feed phosphates (MCP) in Europe, and the only producer in Russia.
PhosAgro is Russia’s only producer of nepheline concentrate.

PhosAgro’s main products include phosphate rock, over 35 grades of
fertilizers, feed phosphates, ammonia, and sodium tripolyphosphate, which are
used by customers in 100 countries spanning all of the world’s inhabited
continents. The Company’s priority markets outside of Russia and the CIS are
Latin America, Europe and Asia.

PhosAgro’s shares are traded on the Moscow Exchange, and global depositary
receipts (“GDRs”) for shares trade on the London Stock Exchange (under the
ticker PHOR). Since 1 June 2016, the Company’s GDRs have been included in
the MSCI Russia and MSCI Emerging Markets indexes.



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