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 and the second party opinion from CICERO here.
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 0.45 at the end of 2Q 2022.
| USD million | 30 June 2022 | 31 Dec 2021 |
|---|---|---|
| Bank loans and overdraft facilities | 516 | 785 |
| Commercial papers | 0 | 0 |
| Unsecured debenture bonds | 2,954 | 3,059 |
| Other | 149 | 56 |
| Total | 3,620 | 3,901 |
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
We have substantial undrawn credit facilities which provide financial flexibility. You find the maturity profile of our debt here.
