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Moody’s lowers Bayer notes
Moody's Investors Service said it downgraded the senior notes rating assigned to Bayer AG and its guaranteed subsidiaries Bayer US Finance LLC, Bayer Capital Corp. BV, Bayer Corp. and Bayer Holding Ltd. to Baa1 from A3.
The agency also downgraded the ratings assigned to the hybrid notes issued by Bayer to Baa3 from Baa2.
The outlook is negative.
Moody’s said the downgrade reflects the rise in financial leverage the agency expects Bayer to report following its acquisition of Monsanto Co. for $63 billion, including assumed net financial debt and pension obligations of around $6 billion.
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