Fitch Affirms ICL'S BBB-Rating with a Stable Outlook

TEL AVIV, Israel, March 21, 2018 /PRNewswire/ --

ICL (NYSE: ICL) (TASE: ICL), a leading global specialty minerals and specialty chemicals Company, announced that Fitch Ratings ("Fitch") has affirmed the Company's Long-Term Issuer Default Rating (IDR) at BBB- with a Stable Outlook. Fitch also affirmed the senior unsecured rating of ICL's $800 million 4.5% senior unsecured notes due 2024 at BBB-.  

In its report Fitch stated that ICL's position is comfortably within current rating guidelines as its funds from operations (FFO) net adjusted leverage should decline to below 3x in 2018 aided by the Company's planned $1 billion divestment of its fire safety and oil additives businesses.

The Company believes that Fitch's affirmation of its rating is a vote of confidence in the Company. It acknowledges ICL's commitment to generate cash flow through cost savings and optimization of its CAPEX, together with top and bottom line growth. ICL is going forward with its strategy of strengthening its core mineral chains and growing its Advanced Crop Nutrition business, while pursuing a value-based pricing strategy and above-market top-line growth and margin improvement of its specialty chemicals business. As part of this strategy, maintaining an investment grade rating is a top priority for the Company.

About ICL   

ICL is a global manufacturer of products based on specialty minerals that fulfill humanity's essential needs primarily in three markets: agriculture, food and engineered materials. ICL shares are dual listed on the New York Stock Exchange and the Tel Aviv Stock Exchange (NYSE and TASE: ICL). The company employs approximately 12,600 people worldwide, and its sales in 2017 totaled US$5.4 billion. For more information, visit the company's website at http://www.icl-group.com .

PRESS CONTACT
Maya Avishai       
Head of Global External Communications  
+972-3-684-4471  
[email protected]

INVESTOR RELATIONS CONTACT 
Limor Gruber
Investor Relations Manager
+972-3-684-4471
[email protected]

SOURCE ICL