Exposure to the cyclical and seasonal agribusiness sector Relatively small scale compared with its major global competitors Solid position in select global crop-protection markets Some benefit from geographically-diverse operations Strengthened financial position and improved earnings profile derived from operational restructuring initiatives Seasonality of earnings with bias toward second-half Principal reliance on earnings from herbicides The stable outlook reflects our view that Nufarm Ltd.'s disciplined working capital management and underlying growth will maintain its S&P Global Ratings-adjusted debt-to-EBITDA at about 3.0x. We also expect Nufarm to generate meaningful positive free operating cash flow metrics as well as maintain adequate liquidity. We note, however, the stable outlook does not incorporate any event risk associated with industry consolidation that we expect to be
