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Bond Market News
UPL Downgraded to Ba2 by Moody’s
August 8, 2024
UPL was downgraded by a notch from Ba1 to Ba2 by Moody’s. The rating agency also downgraded its perpetual junior subordinated notes from Ba3 to B1. The downgrade follows weak operating results reported by the company for the first quarter of FY 2024-25. The company experienced continued pricing pressure offsetting volume increase, resulting in flat YoY revenues and a 28% decrease in EBITDA. The cost of debt for UPL has increased amid stretched market liquidity, high interest rates and a weakening credit profile, according to Moody’s. Moody’s has also placed all ratings on the company under review for further downgrade. Fitch had earlier downgraded UPL to BB.
UPL’s bonds traded stable with its 4.5% 2028s at 87.5 cents on the dollar, yielding 8.63%.
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