Since the 2028 notes rank pari passu with UPL’s Moody’s-rated 2030 notes, the rating agency has assigned the same level rating as the latter notes and UPL’s senior unsecured and issuer ratings. Moody’s has kept the rating outlook as Stable.
The Baa3 ratings continue to reflect UPL’s substantial operating scale, its status as the world’s leading post-patent agrochemical producer, geographically diversified operations, and the increasing proportion of diversified products in its portfolio.
“The ratings also incorporate challenges such as supply chain disruptions that could strain UPL’s profitability and lengthen working capital cycles; and the inherent risks associated with the time-consuming and stringent regulatory requirements for the industry, especially in terms of product registrations,” stated Moody’s in its rationale.
At around 2.49 MP, UPL Ltd was trading at Rs737.40 per piece, down by Rs10.8 or 1.44% from its previous closing of Rs748.20 on the BSE.
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