The stable outlook on Yara reflects our view that it will maintain adjusted FFO to debt of about 30%-45% through the cycle, which we view as commensurate with the rating. This is based on our assumption that, in 2020, Yara's adjusted EBITDA will amount to about $2.0 billion-$2.1 billion, benefiting from supportive prices of natural gas and efficiency gains; and notwithstanding broadly flat prices of nitrogen-based fertilizers. We could lower the rating if Yara's adjusted FFO-to-debt ratio declined below 30%. This could occur, in our view, if Yara's margins declined as a result of sustained pressure from European natural gas prices, or if the company increased its capital expenditure (capex), acquisitions, or shareholder distributions. Over time, upside potential could emerge
