Nufarm Ltd.'s EBITDA will remain weak in fiscal 2025 (year ending Sept. 30) as weak fish oil prices hit its seeds business. Additionally, underperformance in its North American crop protection segment will weigh on an earnings recovery. We expect Nufarm's prolonged earnings trough to result in a weaker financial position. We therefore lowered our long-term issuer credit rating on Nufarm to 'BB-' from 'BB'. We also lowered by one notch our long-term issue ratings on the company's A$210 million senior secured bank facility (recovery rating of '1') to 'BB+', its US$350 million senior unsecured notes (recovery rating of '5') to 'B+', and its subordinated step-up hybrid notes (recovery rating of '6') to 'B-'. The negative outlook reflects the possibility that
