S&P Global Ratings revises credit ratings of UPL

UPL has received revision in credit ratings from S&P Global Ratings as under:

Issuer Credit Rating - BB (revised from BB+)
Senior Unsecured Notes - BB (revised from BB+)
Subordinated Securities - B+ (revised from BB-)

S&P has revised their rating outlook from 'Stable' to 'Negative'.

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