Position as world's largest distributor of fertilizer, with good geographic diversity. Higher margin specialty fertilizers account for most of finished product capacity. Joint ventures in low-cost gas areas and efficient production facilities. Commitment to keeping funds from operations-to-debt ratio above 35%, and strong liquidity position. Profits anchored in the cyclical nitrogen and other fertilizer industries. Exposure to high European gas prices. Possible large acquisitions. The ratings on Norway-based Yara International ASA incorporate Standard&Poor' Ratings Services' view of the group's "satisfactory" business risk and "intermediate" financial risk profiles. Our assessment of Yara's business risk profile is supported by the group's position as the world's largest distributor of fertilizers and its strong and geographically extended marketing network. It also derives
