Standard & Poors Maintains ICL's Global and Local Investment Grade Rating


- Global rating reaffirmed at BBB - with stable outlook

- Local rating reaffirmed at ilAA with stable outlook

TEL AVIV, Israel, Nov. 1, 2017 /PRNewswire/ -- ICL(NYSE: ICL) (TASE: ICL), a leading global specialty minerals and specialty chemicals company, announced that Standard & Poor's Global Ratings ("S&P") has maintained the company's international corporate credit rating at BBB- with a stable outlook. Local rating was also maintained at ilAA with stable outlook.

S&P's stable outlook reflects its expectation that ICL will maintain a net debt to EBITDA ratio in the range of 3.5x-4.0x amid the depressed potash and phosphate pricing environment. This is based on ICL's asset divestment plan, using proceeds to deleverage as well as ICL's current dividend policy. The outlook is also based on the improvement in operating efficiency in the past year, ICL's leading position in core markets, a favorable cost position at the Dead Sea and ICL's ability to mitigate the weakness in the commodity phosphate market by developing specialty products.

Mr. Asher Grinbaum, ICL's Acting CEO, stated, "We are pleased that S&P has reaffirmed ICL's current investment grade rating. S&P's rating testifies to ICL's commitment to reduce debt level to support our financial position. The rating acknowledges ICL's focus on cash flow generation through cost savings and optimization of working capital and CAPEX, as well as to our diligent efforts to divest assets with low synergetic profile."

The full S&P rating report can be found in the following link:

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: ICL) (TASE: ICL). The company employs approximately 13,000 people worldwide, and its sales in 2016 totaled US$5.4 billion. For more information, visit the company's website at

Press Contact:
Maya Avishai
Head of Global External Communications

Investor Relations Contact:
Limor Gruber
Investor Relations Manager

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