S&P Global Ratings has affirmed EuroChem Group’s BB- rating and revised its outlook from stable to positive.
In its report, S&P Global Ratings said the improved outlook reflected an expected reduction in CAPEX following the ramp-up of EuroChem’s two greenfield potash projects at Usolskiy and VolgaKaliy in Russia, and a new ammonia production facility in Kingisepp, north-west Russia.
The agency also cited recovering prices for fertilizers and a weaker rouble as factors likely to support EuroChem’s operating performance in 2019 – 2020.