Moody's Investors Service has assigned a Ba2 long-term Junior Subordinated rating to the proposed undated fixed-to-reset rate notes (hybrid) to be issued by UPL Corporation Limited (UPL, Baa3 stable). "The Ba2 rating is two notches below UPL's Baa3 issuer rating, because the hybrid notes are deeply subordinated to other debt in the company's capital structure," says Kaustubh Chaubal, a Moody's Vice President and Senior Credit Officer.