PJSC PHOSAGRO - Fitch Affirms PhosAgro's BB+ Credit Rating

Fitch Affirms PhosAgro’s BB+ Credit Rating, Upgrades Outlook to Positive

Moscow – PhosAgro ( Moscow Exchange, LSE: PHOR ), one of the world’s leading vertically integrated phosphate-based fertilizer producers, announces that Fitch Ratings has affirmed PhosAgro's Long-Term Foreign-Currency Issuer Default Rating (IDR) and senior unsecured rating at 'BB+' and has revised the Outlook on the IDR to Positive from Stable.

In its announcement of the rating action, Fitch Ratings cites PhosAgro's strong market position and market-leading cost competitiveness, which continues to support its strong cash generation capacity and allows it to reduce leverage at a time of low fertiliser prices and moderate capex.

The Fitch Ratings press release announcing this rating action is available here: https://www.fitchratings.com/site/pr/1018961

Notes to Editors

PhosAgro is one of the leading global vertically integrated phosphate-based fertilizer producers. The Company focuses on the production of phosphate-based fertilizers, feed phosphate and high-grade phosphate rock (P₂O₅ content of not less than 39%).

The Company is the largest phosphate-based fertilizer producer in Europe, the largest producer of high-grade phosphate rock worldwide and the third largest MAP/DAP producer in the world (excluding China), according to Fertecon. PhosAgro is also one of the leading producers of feed phosphates (MCP) in Europe, and the only producer in Russia. It is Russia’s only producer of nepheline concentrate.

PhosAgro’s main products include phosphate rock, 33 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.