S&P rates UPL notes BBB-

S&P said it assigned a preliminary BBB- long-term corporate credit rating to UPL Corp. Ltd.

The outlook is stable.

The agency also said it assigned a preliminary BBB- long-term issue rating to the company's proposed dollar-denominated senior unsecured notes.

The ratings reflect the company’s status as a core subsidiary of UPL Ltd. group, S&P said. UPL Corp. and UPL Ltd. have strong business links, share a common name, management and linked reputation, the agency explained.

UPL Corp. benefits from the group’s good business mix, favorable growth prospects for the agro-chemical sector, healthy and stable earnings and sustained low leverage, S&P said.

The company's modest scale, dependence on the seasonal agribusiness and presence in an investment intensive crop protection market temper these strengths, the agency said.

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