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Bond Market News
Syngenta Downgraded to BBB by Fitch
July 16, 2024
Syngenta AG and its senior unsecured notes were downgraded by a notch to BBB from BBB+ by Fitch. The downgrade reflects the weakening credit profile of the company due to increase in net leverage and weaker market dynamics. Syngenta’s gross debt increased to $14.1bn in 2023 from $11.6bn in 2022 as a result of lower sales, higher inventory costs and idle capacity expenses. Its adjusted EBITDA net leverage also rose to 5x in 2023 from 3.5x in 2022, with higher interest costs and working capital outflows contributing to negative free cash flows. According to Fitch, Syngenta has a low to medium incentive of support from Chemchina, its parent and Sinochem, its ultimate parent.
Syngenta’s bonds traded stable with its 4.892% 2025s at 99.3, yielding 5.79%.
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