Moody’s raises Pilgrim's Pride debt

Moody's Investors Service said it affirmed Pilgrim's Pride Corp.’s Ba3 corporate family rating, Ba3-PD probability of default rating and SGL-1 speculative grade liquidity rating.

This follows the company's announcement that it acquired U.K.-based poultry company Moy Park for about $1.3 billion.

The ratings outlook is stable.

In addition, to reflect anticipated changes to Pilgrim's capital structure, Moody's upgraded the company's senior secured debt instrument ratings to Ba2 from Ba3 and its senior unsecured debt instrument ratings to B1 from B2.

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