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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 0.48 at the end of 3Q 2021.
| USD million | 30 Sep 2021 | 31 Dec 2020 |
|---|---|---|
| Bank loans and overdraft facilities | 561 | 752 |
| Commercial papers | 0 | 0 |
| Unsecured debenture bonds | 2,910 | 2,940 |
| Other | 51 | 156 |
| Total | 3,522 | 3,848 |
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 | 2020/12/17 | BBB/A-2 (since 10/2007) | Stable |
| Moody's |
2021/10/11 |
Baa2 (since 11/2004) | Stable |
Link to the Standard & Poor's report (PDF, 1.27 mb) and the Moody's report (PDF, 1.26 mb).
Bonds
| ISIN/CUSIP | Currency | Interest | Amount (millions) | Maturity |
| 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 |
| US984851AG07 | USD | 3.148% | 750 | Jun 2030 |
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.
Per end of 3Q 2021. Excluding lease liabilities.
