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 and the second party opinion from CICERO here.

 

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 2Q 2022.

USD million  30 June 2022  31 Dec 2021
Bank loans and overdraft facilities 516 785
Commercial papers  0  0
Unsecured debenture bonds 2,954 3,059
Other 149 56
Total 3,620 3,901

 

Credit Ratings

Yara has official ratings from Moody's Investors Services (Moody's) and Standard & Poor's Rating Services (S&P).

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

Rating agency Date of rating Rating Outlook
Standard & Poor's 2020/12/17 BBB/A-2 (since 10/2007) Stable
Moody's

2021/10/11

Baa2 (since 11/2004) Stable

 Link to the Standard & Poor's report (PDF, 1.27 mb) and the Moody's report (PDF, 1.26 mb).

 

Bonds

ISIN/CUSIP Currency Interest Amount (millions) Maturity
NO0010727885 NOK 2.55% 700 Dec 2021
NO0010811979 NOK Nibor+0.75% 1,250 Dec 2022
NO0010812019 SEK 1.10% 800 Dec 2022
NO0010812001 SEK Stibor+1.00% 450 Dec 2022
NO0010727993 NOK 3.00% 600 Dec 2024
NO0010811987 NOK 2.45% 1,000 Dec 2024
US984851AD75 USD 3.800% 500 Jun 2026 
NO0010811995 NOK 2.90% 1,000 Dec 2027
US984851AF24 USD 4.75% 1,000 Jun 2028
US984851AG07 USD 3.148% 750 Jun 2030

 

Maturity profile and financial capacity

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