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Moody’s revises Syngenta to negative
Moody's Investors Service said it affirmed the A2/Prime-1 issuer and senior unsecured ratings of Syngenta AG and its guaranteed subsidiaries.
The outlook on all ratings was changed to negative from stable.
Moody’s said the outlook change reflects its expectation that following the increase in debt leverage reported in 2012-2013, a more challenging operating environment in agricultural chemicals and seeds may prevent Syngenta from strengthening its operating profitability and cash flow generation sufficiently to offset the continuous growth in the company's dividend and restore its financial metrics back to levels that are fully supportive of the A2/P-1 ratings within the next 18 months.
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