Fitch rates Nufarm notes BB

Fitch Ratings said it assigned BB ratings to the planned U.S. dollar senior unsecured notes to be issued by Nufarm Ltd.’s wholly owned subsidiaries Nufarm Australia Ltd. and Nufarm Americas Inc. under a dual tranche structure.

The parent and several operating subsidiaries, which together contribute about 90% of the group's consolidated EBITDA, will guarantee the notes.

“The notes are rated at the same level as Nufarm's long-term issuer default rating because they represent its direct, unconditional, unsecured and unsubordinated obligations,” Fitch said in a press release.

The proceeds will be used to redeem Nufarm's $475 million of senior unsecured notes due 2026.

The outlook is stable.

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