Moody’s revises UPL outlook to negative

Moody's Investors Service said it revised the outlook on UPL Corp. Ltd. to negative from stable.

At the same time, the agency affirmed the company's Baa3 issuer and senior unsecured ratings, and the Ba2 long-term junior subordinated rating on UPL Corp's $400 million of undated perpetual eurobonds.

"The outlook change to negative reflects our view that the strain on UPL's credit profile will likely persist over the next 12-18 months, with credit metrics substantially weak for its Baa3 rating," said Kaustubh Chaubal, a Moody's senior vice president, in a press release.

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