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PhosAgro PAOAnnouncement

09/02/2018 16:20

For Immediate Release   9 February 2018 

PhosAgro receives third investment-grade credit rating from Fitch

Moscow – PhosAgro ("PhosAgro" or "the Company") (Moscow Exchange, LSE:
PHOR), one of the world’s leading vertically integrated phosphate-based
fertilizer producers, announces that Fitch Ratings has raised the Company’s
Long-Term Foreign-Currency Issuer Default Rating (IDR) from BB+ to
investment-grade BBB– with a Stable outlook.

In its announcement of the rating action Fitch Ratings cites PhosAgro's
improving business profile, with an expansion of both nitrogen and phosphate
fertiliser output by over 50% since 2012. This expansion has been achieved
through efficient capex and an extensive cost-control programme. The
announcement also says that PhosAgro has also shown its resilience to the
current market trough in fertiliser prices and has a coherent track record on
dividends.

PhosAgro CEO Andrey Guryev said: “Today we have been assigned an
investment-grade rating by Fitch, and almost two weeks ago Moody’s also
upgraded our ratings. We are pleased that leading international ratings
agencies have appreciated our efforts to manage costs and increase our
operational efficiency, and our rational approach to capital investments.”

The Fitch Ratings press release announcing this rating action is available
here: https://www.fitchratings.com/site/pr/10020054

As a result, PhosAgro now has investment-grade credit ratings from three
ratings agencies:
* Standard & Poor’s: BBB– / Negative
* Moody’s: Baa3 / Stable
* Fitch: BBB– / 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, 39 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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