Yara uses different sources to access the debt market to achieve financial flexibility. The table below provides a split of the gross interest bearing debt.
| Bank loans and overdraft facilities | 3,678 | 4,017 |
| Commercial papers | 0 | 557 |
| Unsecured debenture bonds | 7,860 | 7,769 |
| Other | 575 | 924 |
| Total | 12,113 | 13,287 |
Yara does not have specific debt ratio targets but aims at having a medium grade credit rating. The only financial covenant is to have a debt to equity ratio below 1.5. The ratio was 0.12 at the end of 3Q 2011.
Yara has official ratings from Moody's Investor Services (Moody's) and Standard & Poor's. Rating details can be found in the Rating section. Information on Yara's bonds can be found in the Bonds section.
