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S&P Global Ratings affirms UPL Corporation Limited’s credit rating, revising outlook to Positive
14-Aug-2026, 11:54
UPL Ltd announced that S&P Global Ratings has affirmed the ‘BB’ rating and revised the outlook to Positive for UPL Corporation Limited's Issuer Credit, Senior Unsecured Notes, and related instruments, citing resilient operations; this action also includes affirmations for domestic and global bonds, a US$500 million term loan maturing in December 2026, US$1.5 billion in undrawn committed short-term bank lines, US$1.1 billion in factoring facilities, INR49 billion in cash and cash equivalents, INR47 billion in Funds from Operations, INR102 billion in short-term debt, INR10 billion in working capital, INR4 billion in Capex, and INR5 billion in dividend payments, all as of June 30, 2026; S&P also noted a potential downgrade if the FFO-to-debt ratio weakens below 20%, alongside a US$500 million sustainability-linked term loan and US$500 million in debt, both requiring refinancing, while an unknown agency affirmed senior unsecured notes totaling US$449 million and US$276 million, each with a recovery rating of ‘4’ indicating average (30%-50%) recovery prospects.
UPL Ltd announced that S&P Global Ratings has affirmed the ‘BB’ rating and revised the outlook to Positive for UPL Corporation Limited's Issuer Credit, Senior Unsecured Notes, and related instruments, citing resilient operations; this action also includes affirmations for domestic and global bonds, a US$500 million term loan maturing in December 2026, US$1.5 billion in undrawn committed short-term bank lines, US$1.1 billion in factoring facilities, INR49 billion in cash and cash equivalents, INR47 billion in Funds from Operations, INR102 billion in short-term debt, INR10 billion in working capital, INR4 billion in Capex, and INR5 billion in dividend payments, all as of June 30, 2026; S&P also noted a potential downgrade if the FFO-to-debt ratio weakens below 20%, alongside a US$500 million sustainability-linked term loan and US$500 million in debt, both requiring refinancing, while an unknown agency affirmed senior unsecured notes totaling US$449 million and US$276 million, each with a recovery rating of ‘4’ indicating average (30%-50%) recovery prospects.