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S&P revises Bayer outlook to positive
S&P said it revised its outlook for Bayer AG to positive from stable and affirmed its BBB ratings on the issuer and Monsanto and their debt. The agency also affirmed the BB+ rating on Bayer’s subordinated hybrid notes.
“2022 results and 2023 outlook point toward solid operating cash flow and debt deleveraging. In 2022, Bayer posted stable adjusted EBITDA, much higher FOCF and slightly lower adjusted debt, with better credit metrics than our previous base-case projections: Adjusted debt to EBITDA was 2.8x (improved from 3.7x in 2021) and funds from operations (FFO) to debt was 26% (improved from 18% the previous year). CropScience operations performed particularly well in supportive agricultural market conditions, boosting cash flows. Adjusted debt decreased thanks to positive cash inflow from operations, sizable proceeds from the sale of assets, and a lower net pension deficit,” S&P said in a press release.
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