Strong market positions in fertilizers, especially those that are nitrogen based. Healthy credit protection measures. Prudent financial management policies. Good geographical and customer diversification. Competitive production costs. Relatively narrow scope of operation, primarily in nitrogen fertilizers. Exposure to cyclical commodity raw materials. Exposure to highly cyclical commodity fertilizer markets. Earnings subject to seasonal and volatile agricultural markets. Norway-based fertilizer company Yara International ASA is an independent company listed on the Oslo Stock Exchange, following its demerger from Norsk Hydro ASA (A/Negative/A-1) on March 24, 2004. The ratings on Yara reflect the company's leading position in fertilizer sales, especially nitrogen-based fertilizers, and moderate financial profile. With revenues of almost $6.0 billion, Yara manufactures a range of nitrogen-based fertilizers and related industrial
