Outlook turns negative for Pilgrims Pride
Standard & Poor’s Ratings Services has lowered its outlook for poultry producer Pilgrim’s Pride from “stable” to “negative” saying higher feed costs and weaker pricing will hurt the company’s operating performance.
S&P said the poultry processor’s performance is likely to remain weaker than originally anticipated through the remainder of the 2011 fiscal year. The rating agency affirmed its other assessments for Pilgrim’s Pride, including the “BB-” it assigned $1.46 billion in outstanding debt.
Pilgrim’s Pride, reported at the end of April that its first-quarter loss this year was more than double last year’s as the company paid more for feed, got lower prices for its poultry and liquidated some of its inventory.
Source: Associated Press
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