...Fitch Ratings affirmed Universal Corporation's Long-Term Issuer Default Rating at `BBB¡'. The Rating Outlook is Stable. Universal's rating recognizes its leading global position as a supplier of compliant leaf tobacco products providing a wide range of value-added services to farmers and manufacturers, offset by secular volume declines in global tobacco consumption and operational volatilities inherent in an agriculture-based business. Fitch expects Universal's leverage (total debt to operating EBITDA after associates and minorities) will be in the 2.2x¡2.3x range for fiscal 2020 (March 31) and projects leverage for fiscal 2021 in the low-2x range absent material M&A. Given Universal's focus on diversification into adjacent markets, Universal's leverage metrics could rise depending on the size, funding mix and timing of any future acquisitions....
