S&P ups EuroChem

S&P said it upgraded EuroChem Group AG’s issuer rating to BB from BB-.

“We forecast revenues to increase by more than 25% to $7.7 billion-$8.0 billion in 2021, from $6.2 billion in 2020.This reflects higher potash volumes due to the commissioning of Usolskiy, a 2.3 million metric tons (mmt) of potash greenfield project in 2020, and very supportive conditions across fertilizer markets leading to high prices. While first-half 2021 results are yet to be reported, EuroChem is set to have benefited from higher prices for all its fertilizer products,” S&P said in a press release.

The agency said it projects EuroChem's EBITDA margin will rise to 30%-35% over the next two years from 26%-29% in the past two years.

The outlook is stable.

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