Moody's: Nurfarm notes Ba3

Moody's Investors Service said it assigned a Ba2 corporate family rating to Nufarm Ltd.

At the same time, Moody's assigned a provisional Ba3 senior unsecured rating to the proposed $300 million notes to be issued by Nufarm Australia Ltd., a 100% owned and guaranteed subsidiary of Nufarm.

The outlook is stable.

"Nufarm's corporate family rating reflects its well established position in the crop protection industry and its good operational, product and geographic diversity as well as ongoing transition from a relatively narrow product base highly weighted toward glyphosate, to a broader product base," Moody's vice president and senior analyst Maurice O'Connell said in a news release.

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