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 0.30 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

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

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.