World's largest distributor of fertilizer, with good geographic diversity. Higher-margin specialty fertilizers that are a large contributor to profits. Joint ventures in low-cost gas areas and efficient production facilities. Profits anchored in the highly cyclical commodity nitrogen fertilizer industry. Exposure to high European gas prices. Commitment to keeping a ratio of adjusted funds from operations (FFO) to debt ratio higher than 35%, which is commensurate with the rating. Very strong credit metrics on March 31, 2014, affording sizable leeway for expected substantial acquisitions, investments, or shareholder distributions. Strong liquidity position. High free cash flow generation. Cash flow swings, reflecting cyclical industry conditions. Capital intensity and a long lead time to add or expand capacity. The positive outlook on Norway-based fertilizer
