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Fitch affirms Deere, John Deere Capital

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Fitch affirms Deere, John Deere Capital

Fitch Ratings affirmed the long- and short-term issuer default ratings of Deere & Co. and John Deere Capital Corp. at A/F1 following announcement that Deere & Co. agreed to acquire German road construction company Wirtgen Group.

The ratings outlook is stable.

Fitch expects the company to maintain a strong financial profile over the long term despite weakness in some of its equipment markets. John Deere Capital's long- and short-term ratings are equalized with Deere & Co.'s ratings, reflecting the rating agency's view of John Deere Capital as a core subsidiary of Deere & Co.