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S&P lowers Moy Park, debt
S&P said it lowered its long-term corporate credit rating on Moy Park Holdings Europe to B.
The outlook is negative.
The agency also lowered the issue rating on senior unsecured debt issued by Moy Park (Bondco) plc to B. The recovery rating of 3 remains and reflects an expectation of meaningful (50%-70%; rounded estimate 65%) recovery in the event of a payment default.
S&P said the actions follow the recent downgrade of Moy Park's ultimate owner JBS SA.
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