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EUROCHEM 19/02/2007

FITCH ASSIGNS EUROCHEM ВВ- RATING

Fitch Ratings has assigned EuroChem Mineral and Chemical Company "BB minus" rating (outlook Stable).

“The rating reflects EuroChem’s leading position on the Russian fertilizer market, conservative financial policy as well as strong financial profile,” Angelina Valavina, Director of Fitch’s Industrials team said. The Stable Outlook reflects Fitch’s expectations that the world fertilizer industry will continue to develop favorably and that the company will be able to maintain its solid credit profile despite anticipated large investments and rising costs. Fitch believes that the company’s current sound credit metrics provide significant headroom for further development.

"The rating assigned to the Company presents us as a reliable borrower, and confirms our view on the prospects of market and EuroChem development. We expect that the implementation of our strategy will improve our market and financial profile," Dmitry Strezhnev, General Director of EuroChem said.

"The rating assigned by the international rating agency reflects the degree of confidence in EuroChem, satisfaction with the Company's performance, and reliance on our ability to keep promises. This rating will enable us to further expand on the global financial debt markets and do our best in efficient financing of our long-term development plans", Nikolai Pilipenko, Director of Finance and Economics of the Company confirmed.