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Moody’s changes outlook on UPL Corp to stable
−− Incorporated in Mauritius, UPL Corporation Ltd is a 78%-owned subsidiary of UPL. Private equity firm TPG Capital and the Abu Dhabi Investment Authority, a sovereign wealth fund, each hold 11% in UPL Corp.
Nov. 27, 2019
UPL Limited
IndiaFollow
India
Moody’s Investors Services on Monday changed the outlook of UPL Corporation (UPL Corp) rating to ‘stable’ from ‘positive’. At the same time, Moody’s has affirmed the company’s ‘Baa3’ long-term issuer rating and the ‘Baa3’ rating on the company’s senior unsecured notes maturing in 2021.
Incorporated in Mauritius, UPL Corporation Ltd is a 78%-owned subsidiary of UPL. Private equity firm TPG Capital and the Abu Dhabi Investment Authority, a sovereign wealth fund, each hold 11% in UPL Corp.
According to the Annual Report of UPL Ltd 2018-19, UPL Corporation registered turnover of Rs 1,682 crore and profits after tax at Rs 385 crore. While the data from Bloomberg showed that total debt of UPL Ltd stood at Rs 31,129 crore as on September 2019.
“The change in outlook to stable from positive reflects the weaker than expected operating performance of the broader UPL Group, and our expectation that it will take longer for its credit metrics to improve to a level appropriate for a higher rating,” said Kaustubh Chaubal, vice-president and senior credit officer, Moody’s.
“The change in outlook to stable from positive reflects the weaker than expected operating performance of the broader UPL Group, and our expectation that it will take longer for its credit metrics to improve to a level appropriate for a higher rating,” said Kaustubh Chaubal, vice-president and senior credit officer, Moody’s.
Source: The Financial Express
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