OREANDA-NEWS. Fitch Ratings has revised the Outlook on PJSC Acron's Long-Term Issuer Default Rating (IDR) to Positive from Stable and affirmed the IDR at 'BB-'. Fitch has also assigned Acron's prospective RUB50bn bond programme an expected rating of 'BB-(EXP)'.

The Positive Outlook reflects Acron's strong progress in deleveraging in 2015. The weak rouble and ramp up of phosphate operations underpinned positive free cash flow (FCF) and led to FFO net adjusted leverage (leverage) of 1.7x which is below the positive rating guidance of 2x. In 2016-2017, we expect Acron's divestment of its stake in Uralkali, moderate investment pace and the weak rouble to mitigate low fertiliser pricing and translate into low 1.0x-1.5x leverage.