Debt Financing
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 |
2,128 |
3,063 |
| Commercial papers |
0 |
0 |
| Unsecured debenture bonds |
7,538 |
7,311 |
| Other |
629 |
520 |
| Total |
10,295 |
10,895 |
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 -0.04 at the end of 1Q 2013.
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.
