...The dow ngrade of Bayer AG's Long-Term Issuer Default Rating (IDRs) to `BBB+' from `A -' in July 2019 reflects Fitch Ratings' view that the risk profile of the crop science division has deteriorated in the past year in connection w ith the debate surrounding glyphosate, combined w ith the risk that the company's de-leveraging trajectory from the post- acquisition peak, helped by recently announced divestments, may be delayed after 2020. The Negative Outlook reflects an increased risk of potentially material payouts in connection to t he glyphosate litigation. We w ill revise the Outlook to Stable once there is more clarity about the outcome of the ongoing litigation related to glyphosate, not materially impacting Bayer's credit profile. The `BBB+' IDR continues to reflect the company's strong market positions, combined w ith the expectation of increasing FCF generation and supported by management's commitment to a conservative financial policy, w hich includes divestments and our expectation...
