Subdued customer demand and material declines in active ingredient pricing leave the credit profile of Nufarm Ltd. vulnerable to prolonged earnings weakness. Leverage in fiscal 2024 (year-end Sept. 30) exceeded our expectation for the current rating. Given continued uncertainties over the timing of an agrochemical market recovery, we expect the company's earnings to remain unpredictable over the next 12 months. On Nov. 25, 2024, S&P Global Ratings revised the outlook on the long-term rating to negative from stable. At the same time, we affirmed our 'BB' long-term issuer credit rating on Nufarm. We also affirmed our 'BBB-' long-term issue rating on the company's A$210 million senior secured bank facility (recovery rating of '1'), 'BB-' long-term issue rating on its US$350
