S&P downgrades Corteva rating on seed business spin-off

S&P Global Ratings has downgraded Corteva Inc. from a 'A-' rating to a 'BBB+' rating, citing the upcoming spin-off of its seed business, Vylor Inc. On October 1, 2026, Vylor Inc. is set to become an independent company. S&P also lowered Corteva's ratings on senior unsecured notes and preferred stock to 'BBB+' and 'BBB', respectively.

The company's 2025 crop protection revenues were $7.5 billion, and its EBITDA was $1.35 billion. Post-separation, Corteva is projected to become the fourth-largest crop protection company globally. Management targets cash flow from operations ranging from $2.2 billion to $2.6 billion in 2027-2029, with a significant portion allocated to acquisitions, share repurchases, dividends, and capital expenditures.