Moody’s boosts Syngenta

Moody's Investors Service said it assigned a Baa3 issuer rating to Syngenta AG and withdrew its Ba1 corporate family rating. The agency also raised to Baa3 from Ba1 the guaranteed senior unsecured ratings of its guaranteed subsidiaries Syngenta Finance NV and Syngenta Finance AG, and to (P)Baa3 from (P)Ba1 their guaranteed senior unsecured medium-term note program rating. Finally, Moody’s revised the outlook to stable from positive.

"The rating upgrade reflects Syngenta's track record of improving its credit and business profiles, as well as our expectation that these improvements can be sustained due to its solid market position in the global crop protection and seed markets.

“We also expect that the company will maintain its prudent financial policy while it benefits from its positioning as an important operating subsidiary of Syngenta Group Co., Ltd. (Baa1 stable) and ultimately China's central government-owned Sinochem Holdings Corp. Ltd., which underpins Syngenta's track record of good funding access since its acquisition in 2017," said Gerwin Ho, a Moody's vice president and senior credit officer, in a press release.

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