The Associated Press
NEW YORK — Ratings agency Moody's Investors Service has downgraded its outlook for chicken producer Pilgrim's Pride to "Negative," citing concerns that weak poultry sales will hurt the company's profits until the second half of 2012.
Moody's said it is affirming its overall debt rating of "B2." The company's outlook was "Stable" before the downgrade.
Like other poultry companies, Pilgrim's Pride has been challenged by weak sales and high feed costs. Consumer demand for poultry has been anemic this year, which means companies like Pilgrim's Pride can't easily raise prices. . .
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