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Fitch Upgrades UPL Corp’s Outlook to Stable, Affirms ‘BB’ Rating Amid Recovery Signs

Updated: June 04, 2025 12:35

Image Source: Business Today
Fitch Ratings has revised the outlook on UPL Corporation Ltd. to Stable from Negative, affirming its ‘BB’ long-term issuer credit rating. The revision reflects improving financial metrics, including better EBITDA leverage and interest coverage, signaling gradual recovery in UPL’s operational performance.
 
Outlook Shift from Negative to Stable:
  • Fitch upgraded UPL Corp’s outlook to Stable, citing improved financial discipline and operational efficiency.
  • The company’s EBITDA leverage is expected to improve, reducing financial risk.
Affirmation of ‘BB’ Rating:
  • Fitch affirmed UPL Corp’s long-term issuer default rating (IDR) at ‘BB’, maintaining its credit standing in global markets.
  • The rating reflects UPL’s strong market position in crop protection chemicals.
Financial Recovery & Market Positioning:
  • UPL’s EBITDA interest coverage is projected to rise above 3.0x, supporting better debt servicing capacity.
  • The company’s focus on high-margin products and cost optimization is driving profitability improvements.
Industry Challenges & Future Outlook:
  • Fitch warns that China’s manufacturing overcapacity could impact UPL’s pricing power, requiring strategic adjustments.
  • UPL aims to strengthen its global footprint, leveraging backward integration and diversified product offerings.
UPL Corp’s outlook upgrade signals financial stability, reinforcing its commitment to operational efficiency and market leadership.
 
Source: Business Standard, Fitch Ratings, and UPL Official Disclosures.

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