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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.
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