Current credit ratings

Strengths

• Strong business profile, underpinned by its large scale of operations
• Diversified product mix, and established positions in the global and regional fertilizer markets
• Sustainable cost competitiveness, which supports relatively high margins, additionally helped by the weakness of the rouble
• Potential for deleveraging

Risks

• Execution risks associated with the ramp-up of its recently launched new potash facilities and their payback in line with the company’s plan
• Exposure to Russia’s macroeconomic, regulatory and operating environment, including the rouble’s volatility, given that the majority of its assets are in Russia

Strengths

• Ability to access long-term funding for refinancing and investment needs
• Flexibility to scale down or temporarily delay some of the investments
• Russia-based self-sufficient nitrogen and phosphate production assets have moved to the first quartile of the global cash
  cost curves following the recent depreciation of the rouble.

Risks

• Higher-than-average systemic risks associated with the Russian
  business and jurisdictional environment
• Large investment programme

Strengths

• Moderate financial policy and adequate liquidity
• Strong cost position on the back of the weaker Russian ruble and vertical integration

Risks

• Exposure to the cyclical fertilizer markets – prices to remain weak over the next three years
• Large capital expenditures over the next few years that will most likely lead to negative free cash flow in the medium term
• Russian country risk