Guest guest Posted June 20, 2008 Report Share Posted June 20, 2008 S & P may downgrade Tyson, Pilgrim's Pride debtBy Janie Gabbett on 6/20/2008 for Meatingplace.comStandard & Poor's Ratings Services said it has placed its 'BB-' corporate credit ratings on Dean Foods Co. and Pilgrim's Pride Corp., and its 'BBB-' corporate credit rating on Tyson Foods Inc. on CreditWatch with negative implications."The CreditWatch placement is the result of our concerns that in the near term these companies will be faced with even higher commodity costs than our previous expectations because heavy rains and flooding in the Midwest damaged the crops, especially the corn crop…We could affirm or lower the ratings upon completion of our review," the rating agency said in a statement.Pittsburg, Texas-based Pilgrim's Pride had rated debt of about $2.1 billion at March 29, 2008. Springdale, Ark.-based Tyson Foods had rated debt of $3.2 billion at March 29, 2008.On Tuesday, Fitch Ratings downgraded Tyson Foods' bonds due to increased input costs and expected lower earnings. (See Fitch cuts Tyson rating to junk on cost concerns on Meatingplace.com, June 18, 2008.) http://pets.Fortheanimals7/join http://www.myspace.com/fortheanimals7 Quote Link to comment Share on other sites More sharing options...
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