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 (pdf, 3.9 MB) and the second party opinion from CICERO here (pdf, 0.6 MB). Green Bond Allocation Report 2022 can be found here (pdf, 5.9 MB).

Debt

We do not have specific debt ratio targets, but aim at having a medium investment grade credit rating. The only financial covenant is to have a debt to equity ratio below 1.4. The ratio was 0.49 at the end of 4Q 2023.

USD million 31 Dec 2023  31 Dec 2022
Bank loans and overdraft facilities 355 372
Unsecured debenture bonds 3,307 3,302
Other 139 133
Total 3,801 3,808

 

Credit Ratings

Yara has official ratings from Moody's Investors Services (Moody's) and S&P Global Ratings (S&P Global).

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

Rating agency Date of rating Rating Outlook
S&P Global 2023/12/05 BBB/A-2 (since 10/2007) Stable
Moody's 2023/11/16 Baa2 (since 11/2004) Stable

Download the S&P Global Ratings report of 5 December 2023 (pdf, 0.3MB) and the Moody's report of 27 November 2023 (pdf, 1.3MB).

ESG Scores

ESG ratings are efficient tools to compare our sustainability performance to that of peers, map best practices and track reporting trends. See Yara's most recent ESG scores.

Bonds

ISIN Currency Interest Amount (millions) Maturity
NO0010727993 NOK 3.00% 600 Dec 2024
NO0010811987 NOK 2.45% 1,000 Dec 2024
US984851AD75 (144A) / USR9900CAQ98 (Reg S) USD 3.80% 500 Jun 2026
NO0011146383 NOK 2.41% 1,000 Nov 2026
NO0011146391 NOK NIBOR03M + 0.64% 1,150 Nov 2026
NO0010811995 NOK 2.90% 1,000 Dec 2027
US984851AF24 (144A) / USR9900CAR71 (Reg S) USD 4.75% 1,000 Jun 2028
US984851AG07 (144A) / USR9900CAS54 (Reg S) USD 3.148% 750 Jun 2030
US984851AH89 (144A) / USR9900CAT38 (Reg S) USD 7.378% 600 Nov 2032

Maturity profile and financial capacity

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