Moody’s upgrades EuroChem’s rating to Ba1 with stable outlook

  • Upgrade ‘reflects the company’s substantially improved operating and financial performance’
  • Move underpinned by favorable fertilizer market conditions and ‘EuroChem’s strengthened business profile’

Zug, Switzerland, November 26, 2021 EuroChem Group AG (hereafter “EuroChem” or the “Group”), a leading global fertilizer producer, has received an upgrade in its Moody’s CFR rating to Ba1 on the back of a “substantially improved operating and financial performance.” Moody’s reported the outlook remains ‘stable.’

“The upgrade of EuroChem reflects the company’s substantially improved operating and financial performance underpinned by favorable fertilizer market conditions and its strengthened business profile, which also enhances the company’s sustainability through the market cycles,” Moody’s said in a press release.

The boost in EuroChem’s operating scale and business diversification brought by the ramp-up of the Usolskiy Potash Project (2.3 MMT in 2021) and the 1 MMT/a EuroChem Northwest ammonia plant fed into the ratings upgrade, the agency said.

The launch of these projects “reinforce [EuroChem’s] sound profitability and sustainability to the inherent industry cyclicality, which has historically been supported by its vertically integrated business model, access to low-cost natural gas supplies in Russia, tight cost control, and the weak ruble,” Moody’s 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.

Moody’s also noted: “the rating action takes into account EuroChem’s improved liquidity on the back of its strong cash flow generation amid the current robust fertilizer market as well as the company’s ability to successfully secure funding for its large new ammonia and urea project well in advance.”

Concurrently, Moody’s upgraded to Ba2 from Ba3 the $700 million backed senior unsecured notes issued by EuroChem Finance Designated Activity Company and guaranteed by the parent company, EuroChem, and MCC EuroChem JSC, a holding company for most of the Russian subsidiaries

More on the upgrade can be found on Moody’s website.

About EuroChem

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 production 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

Vladimir Torin

Head of Public Relations

MCC EuroChem

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