Chicken Profit Concerns Prompt Moody's To Downgrade Tyson Foods

November 14, 2008 11:34 a.m. EST

Springdale, AR (AHN) - Moody's Investors Service has downgraded the corporate family of Tyson Foods Inc. chicken products because of concerns that it will lose money.

Moody's changed Tyson's default risk rating to a Ba3 from a Ba1.

The rating change came after Tyson Foods (TSN) announced a two-thirds decline in earnings for its fiscal 2008 year.

Chicken operations are Tyson's largest business. Its fourth quarter losses were $91 million in the fourth quarter and totaled $118 million over the year for its chicken operations.