Abu Dhabi’s Fertiglobe assigned Baa3 rating by Moody’s and BBB rating by Fitch – The National
- Date: 28-Jun-2022
- Source: The National
- Sector:Financial Markets
- Country:Egypt
Abu Dhabi’s Fertiglobe assigned Baa3 rating by Moody’s and BBB rating by Fitch – The National
Moody's Investors Service has assigned a Baa3 long-term issuer rating to Abu Dhabi-listed Fertiglobe with a “stable outlook”, while Fitch Ratings has allocated the world’s largest seaborne exporter of urea and ammonia a first-time long-term Issuer Default Rating (IDR) of BBB with a stable outlook.
A bond is considered investment grade if its credit rating is Baa3 or higher.
The Baa3 issuer rating “balanced the company’s high profitability and cash generation capability” against its exposure to a cyclical end-market and its significant share of capacity in Egypt and Algeria that exposed the company to various geopolitical risks, Moody's said.
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