Moody’s cuts Sysco

Moody’s Investors Service said it downgraded Sysco Corp.’s senior unsecured rating to Baa1 from A3. Also, Moody’s downgraded Sysco Canada, Inc.’s senior unsecured rating to Baa1 from A3. The outlook is stable.

"Despite financial flexibility to manage through a difficult operating environment, Sysco’s leverage is expected to stabilize at levels more reflective of a Baa1 rating as its operations come under pressure from reduced demand from independent restaurants as a result of the disruption from Covid-19," said Christina Boni, a Moody’s vice president in a press release.

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