Moody’s reviews Syngenta for downgrade

Moody's Investors Service said it placed Syngenta AG's ratings, including its A2 long-term issuer rating and Prime-1 short-term rating, under review for downgrade.

The agency also placed under review for downgrade the A2 senior unsecured rating and provisional A2 medium-term note program rating assigned to its guaranteed subsidiaries Syngenta Finance NV and Syngenta Finance AG.

The review was triggered by Syngenta's announcement that China National Chemical Corp. (ChemChina, unrated) offered to acquire the company for cash of more than $43 billion.

Syngenta's board of directors unanimously recommended the offer to shareholders. The transaction requires the acceptance of 67% of shareholders to succeed. Closing of the transaction remains subject to all the customary regulatory approvals and may take place by year-end 2016.

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