Exposure to the cyclical and seasonal agribusiness sector Relatively small scale compared with its major global competitors' Solid position in select global crop-protection market Some benefit from geographically-diverse operations Seasonality of earnings with bias toward the second half Limited near-term rating headroom due to recent acquisitions Deleveraging dependent on successful execution and integration of European portfolio 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
