MOSCOW, Oct 25 (PRIME) -- Global rating agency Fitch has revised Russian fertilizer maker Acron’s outlook to stable from positive while affirming the long-term issuer default rating (IDR) at BB-, the agency said on Wednesday.
“The outlook change reflects weaker-than-expected fertilizer prices and intensifying capex from 2018, particularly into enhancing the phosphate-based and nitrogen-based fertilizer product portfolio as well as expansion into phosphates and potash,” Fitch said.
Fitch also said it expects Acron to intensify its annual investments up to around 16 billion rubles in 2018–2019 from 12 billion rubles in 2016, with a focus on extending its phosphate-based and complex fertilizer portfolio by 2022.
(57.5852 rubles – U.S. $1)
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