... company Bayer AG's Long- and Short-Term Issuer Default Ratings (IDRs) by one notch to `A-'/`F2' from `A'/`F1' and removed them from Rating Watch Negative (RWN) in June 2018. The Outlook is Stable. Bayer's senior unsecured notes and subordinated debt were also downgraded by one notch to `A-' and `BBB' from `A' and `BBB+', respectively. The agency also affirmed Monsanto Company's Long- and Short-Term IDRs at `A-' and `F2', respectively. The Outlook is Stable. Fitch has concurrently withdrawn these ratings on the completion of Monsanto's acquisition by Bayer. We have also affirmed Monsanto's senior unsecured and short-term ratings at `A-' and `F2', respectively. The rating actions follow Bayer's announcement regarding the closure of its Monsanto acquisition and the final funding structure of the deal. The one-notch downgrade reflects our expectations that Bayer will deleverage towards funds from operations (FFO) adjusted net leverage of 3x...
