We have revised the outlook on Nufarm Ltd. to stable from negative, as we consider the downside risk to our base-case forecasts has moderated. At the same time, we have affirmed the corporate credit rating, issue ratings, and related recovery ratings. In our opinion, Nufarm has adopted a more disciplined approach to working capital management, operational performance, and product mix, and various restructuring initiatives. In addition, we have greater confidence in the current management's ability to successfully execute its revised operating strategy. We view the delivery of operating efficiencies as important given our expectation of challenging competitive and climatic conditions across a number of the company's key markets. On Dec. 11, 2015, Standard&Poor's Ratings Services revised the outlook
