Yara uses different sources to access the debt market to achieve financial flexibility. The table below provides a split of the gross interest bearing debt.
|Bank loans and overdraft facilities
|Unsecured debenture bonds
Yara does not have specific debt ratio targets but aims at having a medium grade credit rating. The only financial covenant is to have a debt to equity ratio below 1.4. The ratio was 0.14 at the end of 3Q 2016.
Yara has official ratings from Moody's Investor Services (Moody's) and Standard & Poor's. Rating details can be found in the Rating section. Information on Yara's bonds can be found in the Bonds section.