= Ultimate Parent


Chemicals & Fertilizers

Global Home > Chemicals & Fertilizers

Commodities Credit Journal

Our Credit Journals are a curated compilation of Fitch Ratings’ in-depth research and commentary. 

Download the Commodities Credit Journal.

Webinar on Demand

Global Fertiliser Sector Outlook

Please join to a Fitch Ratings and CRU Group’s webinar on the latest developments and credit fundamentals of the global fertiliser industry. This follows the recent expansion of Fitch and CRU’s strategic agreement to incorporate CRU’s leading analysis, cost curves, and forecasting for the fertiliser sector into Fitch’s independent research and credit analytics. Listen Now

Related Article:
Fitch and CRU Group Expand Strategic Agreement to Incorporate Fertilizer Analysis

Fitch and CRU Group Expand Strategic Agreement to Incorporate Fertilizer Analysis

Fitch Ratings-London-18 June 2019: Fitch Ratings and CRU Group today announced an expansion of the existing strategic agreement, under which CRU's metals and mining market expertise is incorporated into Fitch's industry research and credit analysis, to include the fertilizer markets.

Fitch Ratings Publishes Revised Global Fertiliser Price Assumptions

The upward revision of diammonium phosphate (DAP), urea and potash price assumptions in Fitch Ratings' latest review reflects stronger market conditions than previously anticipated.

Fitch Ratings 2019 Outlook: Chemicals (Portfolio Actions for Clarification and Growth)

Overall market conditions should remain stable for diversified chemicals and petrochemicals sectors in 2019, despite a rise in hydrocarbon feedstock prices and friction in global trade.

Fitch Ratings and CRU Group Partnership

Fitch Ratings and CRU Group have entered into a strategic agreement that incorporates CRU’s expertise and leading market analysis in Fertilizers, Metals and Mining into Fitch’s independent and insightful research and credit analytics. Through this partnership Fitch’s credit analysis and research reports will be broader, more frequent and more insightful than contemporary market offerings. 

Read more about this strategic partnership

Chemicals: Ratings Navigator Companion

Sector Navigators provide guidance for applying the concepts of the Corporate Rating Criteria to the issuers in the sector the Navigator covers. This Navigator companion report provides an additional description of the key rating factors for companies that are assessed using the Chemicals Navigator.

Navigator Interactive for Corporates

A Graphical comparator tool combining observations for sector, business and financial risk across Fitch's global rating portfolio of non-financial corporates. Fully interactive with exports to Excel and PDF.

Global Fertilisers - Peer Comparison

Fitch assesses fertilisers as a commodity chemicals subsegment, with limited end-market diversification and higher top-line and earnings volatility than the corporate universe. Top-line volatility comes from price and demand swings influenced by fluctuations in supply, seasonality, weather patterns, soft commodity prices, and inventory movements.

EMEA Chemicals and Fertilisers Handbook

EMEA Chemicals and Fertilisers Handbook

Diversified and Petroleum Related Chemicals Peer Comparison

Overall market conditions should remain stable for the diversified chemicals and petrochemicals sectors heading into 2019, despite the rise in hydrocarbon feedstock prices and friction in global trade.

rating action

Fitch Affirms ChemChina at 'A-'; Outlook Stable

ChemChina's linkages with the State-Owned Assets Supervision and Administration Commission of the State Council (Central SASAC) are reflected in its position as a leading vertically integrated chemical producer in China, and as the government's investment vehicle in the chemical industry overseas. 

Fitch Affirms CF Industries at 'BB+', Outlook Revised to Stable

Fitch Ratings has affirmed the Issuer Default Ratings (IDR) of CF Industries Holdings, Inc. (NYSE: CF) and CF Industries, Inc. (CF Industries) at 'BB+'. A full list of ratings actions follows at the end of this release. 

Fitch Revises UPL Corp's Outlook to Negative; Affirms at 'BBB-'

Revised ratings Outlook on Mauritius-based UPL Corporation Limited (UPL Corp) to Negative from Stable, following the announcement that it plans to acquire Arysta LifeScience Inc. At the same time, Fitch has affirmed UPL Corp's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BBB-'.

Adverse US Appeal Outcomes Could Impact Bayer's Rating

The outcomes of post-trial motions and potential subsequent appeal processes in various court cases will be key in determining the impact of the US glyphosate-related litigation on Bayer's 'A-'/Stable rating.

Updating Fitch's Global Fertiliser Price Assumptions

Fitch Ratings’ price assumptions are designed to be conservative for ratings purposes rather than to predict the actual price, and are often below consensus figures.

Fitch Revises EuroChem's Outlook to Stable; Affirms Ratings

Revised Outlook on Switzerland-based holding company EuroChem Group AG's to Stable from Negative. The Long-Term Issuer Default Ratings (IDRs) has been affirmed at 'BB'.

Fitch Revises Uralkali's Outlook to Stable; Affirms IDR at 'BB-'

Fitch Ratings has revised PJSC Uralkali's Outlook to Stable from Negative, while affirming the Russian chemical group's Long-Term Issuer Default Rating (IDR) at 'BB-'. The Stable Outlook reflects our view that Uralkali's financial metrics will be maintained at a level commensurate with the current rating as a result of the group's focus on deleveraging and stronger market conditions.

Fitch Revises BASF's Outlook to Stable; Affirms IDR at 'A+'

Fitch Ratings has revised BASF's Outlook to Stable and affirmed its Issuer Default Rating (IDR) at 'A+'. The Outlook revision reflects our expectation that BASF's financial profile and leverage over 2018-2021 will remain in line with our guidance for the rating.

Fitch Revises OCP's Outlook to Stable; Affirms at 'BBB-'

Revised Outlook on Morocco-based phosphate producer OCP S.A.'s Long-Term Issuer Default Rating (IDR) to Stable from Negative and the Long-Term IDR and senior unsecured ratings at 'BBB-'.

Fitch Ratings 2019 Outlook: Russian Corporates

The Outlook on the Russian corporate sector is stable, supported by moderate leverage and robust cash flow generation in an environment of relatively weak growth.

Introducing ESG Relevance Scores for Corporates

Environmental, Social and Governance (ESG) risks generally have a low level of direct impact on credit ratings (less than 3%), and the impact is heavily asymmetric on the downside–as ratified in our initial round of ESG Relevance Scoring.

No Rating Impact on SABIC from Acquisition by Saudi Aramco

Fitch Ratings says that Saudi Arabian Oil Company's (Saudi Aramco, A+/Stable) acquisition of a 70% stake in petrochemical giant Saudi Basic Industries Corporation (SABIC, A+/Stable) from the state will have no impact on SABIC's rating. 

Fitch Downgrades Nitrogenmuvek's IDR to 'B-' and Senior Unsecured rating to 'B'; Outlook Stable

Fitch Ratings has downgraded Hungarian-based fertiliser company Nitrogenmuvek Zrt's Long-Term Issuer Default Rating (IDR) to 'B-' from 'B'. The Outlook is Stable. Fitch has also downgraded the company's senior unsecured rating to 'B'/'RR3'/70% from 'B+'/'RR3'/77%. This instrument rating applies to Nitrogenmuvek's EUR200 million 7% notes due 2025.

Fitch Assigns DuPont de Nemours, Inc. First-Time 'BBB+'/'F2' IDRs; Outlook Stable

Fitch Ratings has assigned first-time, Long- and Short-Term Issuer Default Ratings (IDRs) of 'BBB+'/'F2' to DuPont de Nemours, Inc. (DuPont). Fitch has also assigned a 'BBB+' rating to DuPont's senior unsecured revolving credit facility, term loan, and notes, and 'F2' rating to the company's commercial paper program. 

Fitch Affirms ChemChina at 'A-'; Outlook Stable

Fitch Ratings has affirmed China National Chemical Corporation Limited's (ChemChina) Long-Term Issuer Default Rating (IDR) and senior unsecured rating at 'A-'. The Outlook on the IDR is Stable. A full list of rating actions is at the end of this commentary.

Fitch Rates Dow's New Senior Notes 'BBB+'

Fitch Ratings has assigned a 'BBB+' ratings to Dow Chemical Company's (Dow) new issuance of senior unsecured notes. Dow intends to use proceeds from the offering to repay existing debt. The Rating Outlook is Stable.


Business Inquiries

Jill Zelter

Group Head

+1 212 908 0774

Business Inquiries

Anjali Sharma


+44 203 530 1341

Business Inquiries

Sing Chan Ng


+65 6796 7210

Investor Relations

Aymeric Poizot

Group Head

+33 1 44 29 92 76


Peter Archbold

Global Head of Natural Resources Ratings

+44 20 3530 1172

Fitch Updates Terms of Use & Privacy Policy

We have updated our Terms of Use and Privacy Policies which cover all of Fitch Group's websites. Learn more.