Fitch Downgrades Nufarm to 'BB-'; Removes Rating Watch Negative; Outlook Stable

Fitch Ratings has downgraded Nufarm Limited's Long-Term Issuer Default Rating to 'BB-' from 'BB' and removed the Rating Watch Negative. The outlook is stable. The downgrade reflects high leverage and weaker-than-expected earnings. Nufarm plans to prioritize cost control and capex reduction. The crop protection margin improved, but demand and price recovery were slower than expected. Nufarm's strong market position and moderate product diversification were noted, but it remains exposed to raw-material volatility and limited geographical diversification.