PJSC PhosAgro : Fitch Changes PhosAgro’s Credit Rating to 'B', in Line With Russia’s Country Ceiling

Moscow - PJSC PhosAgro (Moscow Exchange, LSE: PHOR), one of the world's leading vertically integrated phosphate-based fertilizer producers, announces that, following the downgrade of the Russian Federation's sovereign rating, Fitch has changed PhosAgro's long-term foreign and local-currency issuer default rating from BBB- to B and placed it on Rating Watch Negative. PhosAgro's updated rating reflects Russia's new Country Ceiling.

Despite the high degree of volatility and uncertainty in markets, PhosAgro is focused on continuing its stable operations and is committed to doing its utmost to meet its obligations while complying with all applicable laws.