EuroChem

Debtholder Information

Credit Ratings

Standard & Poor’s: BB (Stable outlook)
Strengths Risks
  • Moderate financial policy and adequate liquidity, supported by shares in salt producer K+S.
  • Currently good cost position, owing to vertical integration and access to relatively cheap gas in Russia.
  • Exposure to the cyclical fertilizer markets.
  • Large capital expenditures over the next few years that will most likely lead to negative free cash flow in the medium term.
  • Rising gas prices in Russia that are likely to diminish the company’s cost advantage in the future.
  • Russian country risk.
Fitch: BB (Stable outlook)
Strengths Risks
  • Strong credit metrics due to favorable market conditions and associated cash flow generation
  • Sound long-term demand fundamentals for fertilizers
  • Demand uncertainties in the near-term remain
  • Potential price pressure from government intervention and potential deferrals in buying in the near term caused by unfavorable weather conditions and anticipated poor harvest

Bonds

EuroBonds:
Documents ISIN code Issuer entity Nominal value Currency Coupon Maturity Rating
Prospectus XS0289850538 EuroChem Finance p.l.c. 290 million US$ 7.875 21.03.2012 S&P: BB

Fitch: BB
Rouble Bonds:
Documents* ISIN code Issuer entity Nominal value Currency Coupon Maturity Rating
Prospectus

Info memo

Other disclosures

 RU000A0JQXQ9 MCC EuroChem, OJSC 5 billion RUR 8.9 26.06.2018 S&P: BB

Fitch: BB
Prospectus

Info memo

Other disclosures

 RU000A0JR4Z8 MCC EuroChem, OJSC 5 billion RUR 8.25 14.11.2018 S&P: BB

Fitch: BB
*All rouble bond documents and disclosures are available in Russian only.