The ratings on Norway-based Yara International ASA (Yara) reflect the company's leading position as the world's largest nitrogen fertilizer producer, its global distribution network, and its well-balanced fertilizers product portfolio, as well as the company's intermediate financial profile. With revenues of Norwegian krone (Nkr) 45 billion ($6.9 billion) for the 12 months ended June 30, 2005, Yara is the world's largest fertilizer company by sales. The company's production is focused on nitrogen, while it sources potash and phosphate from third parties to provide customers with the three main elements of plant nutrition. The company benefits from efficient production facilities within Europe and an increasing share of ammonia and urea production in low-gas-cost regions through joint ventures. The company's exceptional distribution
