UPL gets ratings outlook upgrade from Fitch

Agrochemicals manufacturer UPL has secured an upgrade of its credit outlook by Fitch Ratings to stable.

Fitch also confirmed that UPL retains its investment grade credit rating with the long-term issuer default rating affirmed at BBB minus for flagship subsidiary UPL Corporation.

The rating for UPL Corporation is based on consolidated profile of UPL Group.

Chief Executive Officer Jai Shroff said the company is focused on driving sustainable agriculture and achieving transformational growth through innovative technology as it taps new growth markets and opportunities.

"We continue to demonstrate how we are changing the game and reimagining sustainability with our OpenAg strategy."

Chief Operating Officer Carlos Pellicer said the upgrade by Fitch sends a strong message that transformation of UPL is working and that success in reimagining sustainability impacts directly on the company's performance.

UPL is a global provider of sustainable agriculture products and solutions with annual revenue exceeding five billion dollars (about Rs 36,400 crore) and presence in over 130 countries.

( With inputs from ANI )