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S&P affirms UPL
S&P said it affirmed its BBB- long-term issuer credit rating on UPL Corp. Ltd. The outlook is stable.
S&P also affirmed its BBB- long-term issue rating on the company's senior unsecured notes.
“We affirmed our ratings after UPL Corp. announced its proposed financing for the purchase of Arysta LifeScience, the agrochemical business of U.S.-headquartered Platform Specialty Products Corp., for US$4.2 billion,” S&P said in a news release.
“Our rating affirmation reflects our view on UPL Corp.'s India-listed parent UPL Ltd. (UPL). We consider UPL Corp. as an inseparable part of UPL and therefore we equate the rating on UPL Corp. with our group credit profile assessment of its parent.”
UPL Corp. note it has secured a US$3 billion five-year term loan to partly finance the acquisition. MUFG Bank and Rabobank are the participating banks involved.
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