Investor relations

Debt financing

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.


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 0.30 at the end of 1Q 2018.

NOK million 31 Mar 2018 31 Dec 2017
Bank loans and overdraft facilities 1,336 874
Commercial papers  0  0
Unsecured debenture bonds  1,998 1,968
Other 70 69
Total 3,403  2,911


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 2017/11/21 BBB/A-2 (since 10/2007) Stable
Moody's 2017/08/03 BAA2 (since 11/2004) Stable



ISIN/CUSIP Currency Interest Amount (millions) Maturity
984851 AC9B USD 7.875% 500 Jun 2019
NO0010727977 NOK Nibor+0.70% 2,200 Dec 2019
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


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.