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Moody’s lowers Dean Foods
Moody's Investors Service said it downgraded Dean Foods Co.'s corporate family rating to Caa1 from B3 and its probability of default rating to Caa1-PD from B3-PD.
Moody's also downgraded the company's senior unsecured notes to Caa2 from Caa1.
At the same time Moody's affirmed the company's speculative grade liquidity rating at SGL-3.
The outlook is negative.
The action concludes the review for downgrade initiated on Feb. 28.
The agency said the downgrade reflects the company's weak operating performance over the last four quarters and Moody's expectation for continued weak earnings and cash flow.
It also reflects a high degree of uncertainty about the company's strategic direction, the agency said.
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