Tyson Gets Credit Rating Downgrade
Tyson Foods Inc., the worlds largest meat packer, has had its credit rating downgraded by Fitch Ratings, according to media reports.
The company's long-term Issuer Default Rating (IDR) is now ’BB’ from ’BB+’ say Fitch.
The downgrade is due, they say, to $112 million of consolidated net losses during the most recent quarter ended Dec. 27, 2008 and Fitch’s expectation that a substantial portion of $168 million of grain related hedging losses and $20 million of negative non-cash inventory adjustments will be realized in the near-term.
The company's long-term Issuer Default Rating (IDR) is now ’BB’ from ’BB+’ say Fitch.
The downgrade is due, they say, to $112 million of consolidated net losses during the most recent quarter ended Dec. 27, 2008 and Fitch’s expectation that a substantial portion of $168 million of grain related hedging losses and $20 million of negative non-cash inventory adjustments will be realized in the near-term.