MAI credit rating restored
Makhteshim-Agan Industries’ (MAI) credit rating has improved. The agency, Standard & Poor’s (S&P), has removed the “credit watch with negative implications” rating that it imposed after MAI had agreed to acquire the US business, Albaugh ( Agrow No 597, p 3). MAI dropped its interest in acquiring the company following its due diligence process ( Agrow No 599, p 2). The agency reaffirmed MAI’s “ilAA” rating with negative outlook earlier this month, the company says. S&P had raised concern of MAI’s becoming exposed through the potential acquisition to a dominant single product, the herbicide, glyphosate, and taking on a “significant increase” in net debt.