Nitrogenmuvek Zrt is pleased to announce the publication of its rating by Standard and Poor's Ratings Services ('S&P') on the 12th January 2012. S&P assigned long-term corporate credit rating of BB-, with a negative outlook.

S&P also assigned a 'BB-' to the EUR50m bonds due January 2013.

S&P highlights supportive balance sheet with accumulated cash surpassing financial debt as of Dec. 31, 2011, and total financial debt to 2011 EBITDA expected below 1x.

On the S&P's announcement, Nitrogenmuvek's shareholder, Zoltan Bige, commented: "We see this rating not just as further validation of our business model and conservative financial management but also as a critical development to enhance our financial flexibility to tackle the future."

Nitrogenmuvek Zrt is the leading fertilizer producer in Hungary. With production capacity close to 1MM MT, Nitrogenmuvek distributes its broad range of nitrogen-based fertilizers across 10 different countries in Europe.

The full version of the report is available on the STANDARD & POOR’S website.