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S&P hikes K+S
S&P said it raised K+S AGs ratings to BB from B+.
We forecast S&P Global Ratings-adjusted debt to EBITDA will strengthen to below 0.5x in 2022, mainly driven by our estimate of record high EBITDA in 2022 amid extremely high potash prices. We saw significant increases in potash prices since June last year, which has accelerated into 2022. The potassium chloride (MOP) price in Europe approached 900-1,000 per ton (/t) in April this year after reaching almost 600/t at the end of 2021, compared with an average of about 250-300/t from 2018 to June 2021, the agency said in a press release.
The pricing further surged so far in 2022, fueled by the conflict in Ukraine, as well as the resulting sanctions and logistics issues, which made the potash produced in Belarus and Russia, roughly 35% of global production in 2020, inaccessible for many countries, S&P added.
The outlook is stable.
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