Bayer: Fitch cuts rating one notch on crop science business
(CercleFinance.com) - Fitch Ratings on Tuesday downgraded Bayer, citing the deterioration of the risk profile of its crop science division in connection with the glyphosate case.
Fitch has downgraded the German group's long-term rating by one notch to "BBB+" from "A-", with a negative outlook.
The ratings agency also cited the risk that the company's de-leveraging may be delayed after 2020, due to an ambitious cost rationalisation programme which is being executed in parallel with the integration of Monsanto, adding "operational complexity" according to Fitch.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
Fitch has downgraded the German group's long-term rating by one notch to "BBB+" from "A-", with a negative outlook.
The ratings agency also cited the risk that the company's de-leveraging may be delayed after 2020, due to an ambitious cost rationalisation programme which is being executed in parallel with the integration of Monsanto, adding "operational complexity" according to Fitch.
Copyright (c) 2019 CercleFinance.com. All rights reserved.