Fitch keeps Bayer on negative watch

Fitch Ratings said it maintained Bayer AG's long- and short-term issuer default ratings of A/F1 on Rating Watch Negative (RWN).

The senior unsecured instrument and subordinated debt – rated at A and BBB+, respectively – also remain on RWN.

Fitch said the watch continues to reflect Bayer's planned acquisition of U.S.-based agrochemical company Monsanto (A-/RWN) for $66 billion (of which the agency expects up to $47 billion will be funded by debt), which could result in a downgrade of minimum two notches.

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