September 17, 2008

US's Tyson Foods Inc amends billion-dollar debt

Tyson Foods Inc, the largest meat producer in the world, has pushed its rating back to good credit after the company amended its one billion in debt, to a credit agreement ensuring new guarantees.

The company's sell-off of shares and the issue of new bonds raised close to one billion last week, after Moody’s had threatened to downgrade the company’s credit rating.

According to information from the Argentine Beef Packers S. A., the new guarantees, mainly from the poultry and prepared foods divisions, pledge inventory and trade marks owned by Tyson and its subsidiaries.