E-mail us: service@prospectnews.com Or call: 212 374 2800
Bank Loans - CLOs - Convertibles - Distressed Debt - Emerging Markets
Green Finance - High Yield - Investment Grade - Liability Management
Preferreds - Private Placements - Structured Products
 
Published on 8/14/2019 in the Prospect News Bank Loan Daily, Prospect News Distressed Debt Daily and Prospect News High Yield Daily.

Moody’s cuts Dean Foods

Moody's Investors Service said it cut Dean Foods Co.’s corporate family and probability of default ratings to Caa2 from Caa1 and to Caa2-PD from Caa1-PD, respectively. Dean Foods’ senior notes were downgraded to Caa3 from Caa2. The agency affirmed the speculative grade liquidity rating at SGL-3.

“The downgrade reflects the company's weak operating performance over the last four quarters and its shift to expecting full year 2019 free cash flow to be negative rather than positive, despite cash flow having been positive within Q2,” said Moody’s in a press release.

The outlook is negative.


© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.