World's largest distributor of fertilizer by volume, with good geographic diversity. Joint ventures in low-cost gas areas and large-scale efficient production facilities. Higher-margin specialty fertilizers that are a large contributor to profits. Profits anchored in the highly cyclical nitrogen fertilizer industry. Exposure to volatile--and currently increasing--European gas prices. Cash flow swings reflecting cyclicality of the fertilizer industry. Capital intensity and long lead time to add or expand capacity. Commitment to maintain the S&P Global Ratings-adjusted funds from operations (FFO) to debt at above 35%, a level commensurate with the current rating. Adequate liquidity. The stable outlook on Yara reflects our view that it will maintain adjusted FFO to debt of about 35%-45%, which we view as commensurate with the rating.
