We expect a gradual recovery in the global agrochemical industry will boost India-based UPL Corp.'s sales and earnings. This combined with debt repayment will strengthen UPL's credit ratios over the next 12-24 months. On May 22, 2025, S&P Global Ratings revised its rating outlook on UPL Corp. to stable from negative. At the same time, we affirmed our 'BB' long-term issuer credit rating on the company. We also affirmed our 'BB' issue rating on its senior unsecured notes and 'B+' issue rating on its subordinated perpetual securities. The stable outlook on UPL Corp. reflects our expectation that earnings growth, proactive management of upcoming maturities, and prudent working capital management will likely improve its funds from operations (FFO)-to-debt ratio over the
