Hungarian Fertilizer Producer Nitrogenmuvek Upgraded To 'B' On Stronger Earnings Prospects;
Outlook Stable

In its research update, S&P commented that it expects, after a strong performance in the 12 months
ended June 30, 2020, further increasing EBITDA to foster a further improvement in deleveraging. S&P
added that given the company’s strategic focus on calcium ammonium nitrate (CAN) in its portfolio,
it is well-positioned to benefit from the increasing demand in Europe.

Chief strategy officer – CSO Zoltan Bige commented the action: “We are on track, but still not there.
2019 and 2020 can be summarized as a year where Nitrogenmuvek materially improved its
performance. Coming out from a large investment program we further stabilized our production,
started to generate ample FOCF and focusing on reduced volatility in credit measures.”

Nitrogenmuvek has official ratings from Scope Ratings (BB-/STABLE) and Fitch Ratings (B-/STABLE).