Position as world's largest distributor of fertilizer, with good geographic diversity. Specialty fertilizers account for most of finished product capacity. Good integration with joint ventures in low-cost gas areas. Efficient production facilities. Strong liquidity position. Exposure to volatile and rising energy costs. Focus on highly cyclical nitrogen fertilizer production. The ratings on Norway-based Yara International ASA incorporate our view of the group's "satisfactory" business risk profile, which is supported by the group's position as the world's largest distributor of fertilizers. Yara has a strong marketing network and is a leading producer of premium fertilizers, compared with commodity products such as ammonia and urea. The ratings further reflect our view of the group's operational flexibility with respect to sourcing and production
