Moody's lowers Pierre Foods

Moody's Investors Service said it lowered Pierre Foods, Inc.'s PDR to D and lowered the probability of default rating to D from Ca/LD, following the company's announcement that it and its subsidiaries have filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy code.

The company's long-term ratings were confirmed and its speculative-grade liquidity rating was affirmed, the agency said.

The outlook is stable.

High and rising protein and raw materials costs severely hurt Pierre's profitability, the agency noted.

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