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 S&P Global Ratings-adjusted funds from operations (FFO) to debt above 35%, a level commensurate with the rating. Strong liquidity position. High free cash flow generation. Cash flow swings reflecting cyclical industry conditions. Capital intensity and long lead time to add or expand capacity. Our stable outlook on Norway-based fertilizer producer Yara International ASA reflects our opinion that Yara will be able to maintain strong credit metrics, in line with our 'BBB' rating
