Moody's reviews Pilgrim's Pride

Moody's Investors Service said it placed under review for downgrade Pilgrim's Pride Corp.'s B1 corporate family and probability-of-default ratings.

The review reflects concern that profitability could erode more severely in fiscal 2008 than previously contemplated based on volatile and still high grain costs and uncertainty about the extent to which domestic chicken market prices rise to offset input costs, Moody's said.

Liquidity management has been a credit positive, the agency noted.

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