...May 20, 2021 MELBOURNE (S&P Global Ratings) May 20, 2021--S&P Global Ratings said today that Nufarm Ltd.'s (##-/Stable/--) earnings recovery in Europe and favorable climatic conditions in Australia have likely locked in a significant portion of our projected fiscal 2021 deleveraging for the company. Other notable factors for the Australia-based crop protection manufacturer include an earnings skew in the first half and improved operating efficiency. The decision to not declare an interim dividend demonstrates the group's commitment to restoring its balance sheet strength, in our view. We expect Nufarm to deleverage to between 4.0x to 4.5x S&P Global Ratings' adjusted debt to EBITDA for the year ending Sept. 30, 2021. That said, Nufarm remains exposed to climatic and seasonal volatility, continued supply chain disruptions, and increased competition in certain regions. To this end, we believe the company's improved working capital management, and progress against cost objectives should provide...
