ACRA ASSIGNS AAA(RU) TO THE SERIES BO-02-04 (ISIN RU000A10CZ68) BOND ISSUE OF PJSC “PHOSAGRO”

Credit rating rationale. The issue represents senior unsecured debt of Public Joint Stock Company “PhosAgro” (hereinafter, PhosAgro, the Company, or the Group). As the issue is not supported by any sureties from the Group’s operating companies, while a portion of the Group’s total debt falls on these operating companies, ACRA has applied the detailed approach to calculate the recovery rate and determine the credit rating. In accordance with ACRA’s methodology, the recovery rate on the unsecured debt belongs to category I, therefore, the credit rating of the issue is equivalent to that of the Company and is set at AAA(RU).

The Company’s credit rating stems from the very strong operational risk profile, very large business size, very high profitability, low leverage, high coverage, strong liquidity, and the medium assessment of cash flow. PhosAgro is the largest producer of phosphate fertilizers in Russia (the Group’s share in Russia’s total production of such fertilizers was more than 50% at the end of 2024). The Group is one of the world’s five largest producers of phosphate fertilizers and is the world leader in the production of high-grade phosphate raw materials (with a P₂O₅ content of 39% or more).

KEY ISSUE PROPERTIES

Sources: ACRA, issuer’s data

REGULATORY DISCLOSURE

The credit rating of the series BO-02-04 (ISIN RU000A10CZ68) bond issue of PJSC “PhosAgro” has been assigned based on the following methodologies: the Methodology for Assigning Credit Ratings to Financial Instruments under the National Scale for the Russian Federation to determine the credit rating of the bond issue under the national scale for the Russian Federation, and the Key Concepts Used by the Analytical Credit Rating Agency within the Scope of Its Rating Activities to ensure consistent and uniform application of ACRA’s methodologies, models, and key rating assumptions.

The credit rating of the series BO-02-04 (ISIN RU000A10CZ68) bond issue of PJSC “PhosAgro” under the national scale for the Russian Federation has been published for the first time.

The credit rating is expected to be revised within one year.

The credit rating was assigned based on data provided by PJSC “PhosAgro”, information from publicly available sources, and ACRA’s own databases. The rating analysis was performed using the IFRS financial statements of PJSC “PhosAgro” as of December 31, 2024.

The credit rating is solicited and PJSC “PhosAgro” participated in its assignment.

In assigning the credit rating, ACRA used only information, the quality and reliability of which were, in ACRA’s opinion, appropriate and sufficient to apply the methodologies.

ACRA provided no additional services to PJSC “PhosAgro” within the year preceding the rating action.

No conflicts of interest were discovered in the course of credit rating assignment.