Fitch Revises EuroChem Outlook to ‘Positive’

  • Enhanced and resilient operational profile among drivers for outlook revision
  • Agency affirms company’s BB rating, citing “strong business fundamentals”

Zug, Switzerland, October 28, 2021 EuroChem Group AG (hereinafter “EuroChem” or the “Group”), a leading global fertilizer company, announces Fitch Ratings has revised the firm’s outlook from ‘Stable’ to ‘Positive’, affirming the Group’s BB rating.

In its rationale for the move, the agency noted: “The Outlook revision captures the group’s enhanced operational profile following full ramp-up of the ammonia and Usolskiy potash project, resilient existing operations and improved market conditions in the medium term, translating into solid forecast credit metrics.”

The ammonia project refers to EuroChem Northwest, the company’s 1mmt/a production facility that came online in 2018, while Usolskiy is EuroChem’s current 2.3mmt/a potash extraction and beneficiation plant near the Russian city of Perm.

Drivers that affirmed EuroChem’s BB rating, according to Fitch, included: an “improved business profile,” the construction of a second ammonia and urea production unit (EuroChem Northwest 2), increased capital expenditure to support growth in the production base, and “strong business fundamentals” as one of only three global companies with production capacity in all three primary nutrient groups.

“The rating is underpinned by EuroChem’s diversification into all three nutrients (nitrogen, phosphate and potash), vertical integration and strong cost position,” Fitch said.

EuroChem has a strong capex program funded with a mix of long-term project finance and robust cash generation, which has enabled the Group to oversee the kind of sustainable production expansion that has seen it take up a global top-five position in the sector, and prompted several agencies to upgrade the company’s rating in recent years.

About EuroChem Group AG

EuroChem is a leading global fertilizer producer, and one of only three companies worldwide with manufacturing capacity in all three primary nutrient groups: nitrogen, phosphates and potash. A vertically integrated company, EuroChem is expanding its mining, fertilizer and industrial products and distribution capacities in key regions around the world. The company’s growth is primarily driven by the ramp-up of two large-scale potash projects and new state-of-the-art ammonia and urea facilities, and underpinned by an operational efficiency drive across the full value chain. The Group has key manufacturing facilities in Russia, Belgium, Kazakhstan, and Lithuania, employing more than 27,000 people in 40 countries, and with a product reach of more than 100 countries.

For more information, please visit Any media or analyst enquiries should be directed to the appropriate EuroChem Group contact, as listed below:


Oxana Kovalenko

Head of Investor Relations

EuroChem Group AG

David Nowak

Deputy Head of Communications

EuroChem Group AG


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