Debt financing

We use different sources to access the debt market to achieve financial flexibility. The tables below provide a split of the gross interest bearing debt, our credit ratings and bonds, and our maturity profile.

Yara Green Financing Framework 2022

With its first Green Financing Framework Yara further underline its commitment to sustainability. The eligible green projects are expected to create substantial environmental benefits by decarbonizing the food chain, including fertilizer production and application, and limiting the need to expand farmland. CICERO has provided the second party opinion and rated the framework medium-green.

You can read more by downloading the Yara Green Financing Framework here (pdf, 3.9 MB) and the second party opinion from CICERO here (pdf, 0.6 MB).

Debt

We do not have specific debt ratio targets, but aim at having a medium grade credit rating. The only financial covenant is to have a debt to equity ratio below 1.4. The ratio was 0.45 at the end of 3Q 2022.

USD million  30 September 2022  31 Dec 2021
Bank loans and overdraft facilities 593 785
Commercial papers  0  0
Unsecured debenture bonds 2,898 3,059
Other 165 56
Total 3,657 3,901

 

Credit Ratings

Yara has official ratings from Moody's Investors Services (Moody's) and S&P Global Ratings (S&P Global).

For rating definitions, see S&P Global and Moody's (links will open in a new window).

Rating agency Date of rating Rating Outlook
S&P Global 2022/12/07 BBB/A-2 (since 10/2007) Stable
Moody's 2023/01/17 Baa2 (since 11/2004) Stable

Link to the S&P Global Ratings report of 7 Dec 2022 (pdf, 0.5MB) and the Moody's report of 30 Oct 2022 (pdf, 2MB).

ESG Scores

ESG ratings are efficient tools to compare our sustainability performance to that of peers, map best practices and track reporting trends. See Yara's most recent ESG scores.

Bonds

ISIN Currency Interest Amount (millions) Maturity
NO0010727993 3.000% 600 NOK Dec 2024
NO0010811987 2.450% 1,000 NOK Dec 2024
US984851AD75 (144A) / USR9900CAQ98 (Reg S) 3.800% 500 USD Jun 2026
NO0011146383 2.410% 1,000 NOK Nov 2026
NO0011146391 NIBOR03M + 0.640% 1,150 NOK Nov 2026
NO0010811995 2.900% 1,000 NOK Dec 2027
US984851AF24 (144A) / USR9900CAR71 (Reg S) 4.750% 1,000 USD Jun 2028
US984851AG07 (144A) / USR9900CAS54 (Reg S) 3.148% 750 USD Jun 2030
US984851AH89 (144A) / USR9900CAT38 (Reg S) 7.378% 600 USD Nov 2032

 

Maturity profile and financial capacity

We have substantial undrawn credit facilities which provide financial flexibility. You can find the maturity profile of our debt here.