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 0.43 at the end of 4Q 2018.
|USD million||31 Dec 2018||31 Dec 2017|
|Bank loans and overdraft facilities||978||874|
|Unsecured debenture bonds||2,905||1,968|
Yara has official ratings from Moody's Investors Services (Moody's) and Standard & Poor's Rating Services (S&P).
|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|
|984851 AC9B||USD||7.875%||500||Jun 2019|
Below you will see the maturity profile of our debt. We have substantial undrawn credit facilities which provide financial flexibility.