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 0.37 at the end of 3Q 2018.
| NOK million | 30 Sep 2018 | 31 Dec 2017 |
|---|---|---|
| Bank loans and overdraft facilities | 905 | 874 |
| Commercial papers | 0 | 0 |
| Unsecured debenture bonds | 2,957 | 1,968 |
| Other | 95 | 69 |
| Total | 3,957 | 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 | 2018/08/23 | Baa2 (since 11/2004) | Stable |
Link to the Standard & Poor''s report (PDF, 268 kb) and the Moody's report (PDF, 1.22 mb).
Bonds
| 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 |
| US984851AF24 | USD | 4.75% | 1,000 | Jun 2028 |
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.
