Moody's cuts Dean Foods liquidity to SGL-2

Moody's Investors Service said it downgraded Dean Foods' speculative grade liquidity rating to SGL-2 from SGL-1, while affirming Dean's Ba1 senior implied and other long-term ratings and stable outlook.

Moody's said the rating downgrade reflects the increase in debt levels resulting from share repurchases and lower-than-expected cash flow from operations. Still, Dean Foods' SGL-2 rating reflects a good liquidity profile, and its senior implied rating remains solidly positioned at Ba1.

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