Moody's cuts Tyson Foods to Ba1

Moody's Investors Service said it downgraded the senior unsecured debt ratings for Tyson Foods, Inc. and its guaranteed subsidiaries to Ba1 from Baa3 and its short-term rating to Not Prime from Prime-3. Moody's also assigned a Ba1 corporate family rating, as well as a speculative grade liquidity rating of SGL-3.

Moody's said the downgrade reflects the deterioration in Tyson's operating performance and debt protection measures, the challenges the company faces in its fundamental business as it seeks to reduce its cost base and restore operations to an acceptable level of profitability and concerns over the company's financial flexibility given continuing softness in the protein markets.

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