Fitch Ratings and S&P Global Ratings announced ratings actions on DuPont de Nemours Inc. and Corteva Inc. following the completion of DowDuPont Inc.'s breakup into three listed, independent companies.
Fitch Ratings assigned long- and short-term issuer default ratings of BBB+/F2 with a stable outlook to DuPont, which made its stock market debut June 3 retaining the former special products division of DowDuPont.
In assigning the ratings, Fitch said it expects DuPont to have considerable financial flexibility to pursue M&A deals or share repurchases without compromising its balance sheet. DuPont said June 3 that its board has approved a $2.0 billion stock buyback program expiring June 1, 2021.
Meanwhile, S&P Global Ratings assigned an issuer credit rating of A- with a stable outlook to Corteva, the agriculture company that completed its spinoff from DowDuPont on June 1.
Dow Inc., a material sciences company, completed its separation from DowDuPont on April 1.
This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings.