Moody's rates Tyson notes Baa3

Moody's Investors Service said it assigned a definitive senior unsecured debt rating of Baa3 to $1 billion of senior unsecured guaranteed notes issued by Tyson Foods, Inc. and upgraded other long-term debt ratings of Tyson and its subsidiaries.

Moody's also withdrew Tyson's corporate family rating, probability of default rating and speculative grade liquidity rating.

The outlook is stable.

Moody's said Tyson's ratings reflect the company's large size and scale in three main proteins - chicken, pork and beef - that provide important earnings diversification within the protein processing industry that is volatile, highly competitive and generates low profit margins.

The ratings also reflect meaningful improvements in Tyson's operating strategy in recent years that have focused on margin management and establishing a strong liquidity profile, the agency said.

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