SPRINGDALE, Ark. (AP) - Moody's Investors Service says it has
downgraded Tyson Foods Inc. on concerns that the company's chicken
segment will lose more money and that its foreign investment will
limit its available cash.
Moody's cut Tyson on Thursday to Ba3 from Ba1 and said its
outlook for the Springdale, Ark., company is negative.
Moody's cited Tyson's losses in its chicken business - $91
million in the fourth quarter - and Tyson's statement that it
expects a significant loss in chicken in its 2009 first quarter
and, possibly, an overall loss for the quarter. Moody's said that
Tyson's acquisition strategy could keep the company from reducing
its debt.
Tyson operates poultry processing plants in Albertville and
Blountsville.
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Tyson Foods hit by economic downturn
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Alabama's13.com
Published: November 14, 2008
Published: November 14, 2008
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