World's largest distributor of fertilizers, with good geographic diversity. Higher-margin specialty fertilizers that contribute a large proportion of profits. Joint ventures in low-cost gas areas and efficient production facilities. Profits anchored in the highly cyclical commodity nitrogen fertilizer industry. Exposure to relatively high European gas prices. Commitment to maintaining adjusted funds from operations (FFO) to debt above 35%, which is commensurate with the rating. Very strong credit metrics expected as at end-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 producer, Yara International ASA,
