Moody’s downgrades UPL’s corporate family rating
Moody’s Ratings (Moody’s) has downgraded UPL Corporation Limited’s (UPL Corp) corporate family rating (CFR) and senior unsecured debt rating to Ba2 from Ba1.
“We also downgraded the rating on UPL Corp’s $400 million undated perpetual junior subordinated eurobonds to B1 from Ba3. Concurrently, we placed all ratings under review for further downgrade. Previously, the outlook was negative,” the rating agency said in a statement.
“The rating downgrade to Ba2 is driven by UPL’s weak credit profile with financial metrics that will remain outside our tolerance for its previous Ba1 CFR over the next 12-18 months,” said Kaustubh Chaubal, a Moody’s Ratings Senior Vice President.
Disclaimer: The copyright of this article belongs to the original
author. Reposting this article is solely for the purpose of information
dissemination and does not constitute any investment advice. If there is
any infringement, please contact us immediately. We will make
corrections or deletions as necessary. Thank you.