Fitch turns Tyson view to stable

Fitch Ratings said it changed Tyson Foods Inc.’s outlook to stable from negative.

“The outlook revision to stable reflects the material improvement in Tyson's credit profile supported by greater than expected EBITDA driven by strong operating performance in the beef segment combined with debt repayment. Consequently, leverage (total debt to EBITDA) is expected to decline to around 2.3x for FY'21 (ending Oct. 2, 2021), compared with leverage that peaked at over 3x during the height of the coronavirus pandemic and around 2.6x for FY20,” Fitch said in a press release.

Concurrently, the agency affirmed the ratings of Tyson and the Hillshire Brands Co., including the long-term issuer default rating at BBB.

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