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.

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 0.27 at the end of 3Q 2020.

USD million  30 Sep 2020  31 Dec 2019 31 Dec 2018
Bank loans and overdraft facilities 678 1,377 978
Commercial papers  0  0 0
Unsecured debenture bonds 2,885 2,139 2,905
Other 64 74 91
Total 3,627 3,590 3,974

 

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

2020/09/11

 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

Below you will see the maturity profile of our debt. We have substantial undrawn credit facilities which provide financial flexibility.

Maturity profile 3Q2020

Per end of 3Q 2020. Excluding lease liabilities.