Moody’s downgrades Syngenta

Moody's Investors Service said it downgraded Syngenta AG’s long-term issuer rating to Baa2 from A2 and short-term rating to Prime-2 from Prime-1.

The agency downgraded the senior unsecured ratings assigned to its guaranteed subsidiaries Syngenta Finance NV and Syngenta Finance AG to Baa2 from A2 and their medium-term note program rating to provisional Baa2 from provisional A2.

Finally, Moody's downgraded the short-term ratings of Syngenta's guaranteed subsidiaries Syngenta Wilmington Inc. and Syngenta Finance NV to Prime-2 from Prime-1.

All the ratings remain under review for further possible downgrade.

Moody’s said the downgrades were triggered by China National Chemical Corp.’s (ChemChina, Baa2 negative) announcement of the definitive interim results for the tender offers to purchase all publicly held registered shares of Syngenta (including those represented by American Depositary Shares).

Around 82.2% of all Syngenta shares have been validly tendered in the offers. Therefore, the Minimum Acceptance Rate condition of 67% of issued Syngenta shares has been satisfied and the offers have been successful. Also, all regulatory approvals and conditions required for the closing of the offers have been obtained or satisfied.

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