Moody’s affirms UPL

Moody's Investors Service said it affirmed UPL Corp. Ltd.'s Baa3 issuer rating and the Baa3 rating on the company's senior unsecured notes maturing in 2021.

The outlook remains positive.

“The Baa3 positive ratings reflect UPL Group's enhanced business profile following its proposed acquisition of Arysta Lifescience Inc. for $4.2 billion to be paid in cash, financed with an appropriate mix of debt and equity," Kaustubh Chaubal, Moody's vice president and senior credit officer, said in a news release.

"UPL Group's business profile will further strengthen, and it will become the largest post-patent agrochemicals company globally with a further deepening in its offering, as illustrated by its presence across the entire spectrum of the agricultural value chain, from seeds, seed treatment, crop protection, storage to harvesting."

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