S&P hikes K+S to investment grade

S&P said it raised ratings on K+S AG and its senior unsecured debt to BBB- from BB+.

“K+S AG had a record year in 2022, when high potash prices more than tripled its S&P Global Ratings-adjusted EBITDA to nearly €2.5 billion and supported a considerable reduction in leverage. Adjusted debt to EBITDA dropped to about 0.2x, and we expect it to remain below 0.5x in 2023-2024, despite a decline in potash prices,” the agency said in a statement.

Additionally, S&P noted that K+S’ only bond remaining is a €278 million bond that matures in 2024.

The outlook is stable.

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