Smithfield foods downgraded

Credit rating Agency Standard and Poor, have downgrade Smithfield Foods group rating from BB- to B, despite the fact that the company pocketed $580 million last month, from the sale of the beef operations to JBS-Swift.

The company that is currently $3.8 billion in debt, was downgraded from BB to BB- on 27 June this year.

In a statement from the credit agency, they are forecasting a bleak 2009 for the largest pork processor in the United States.

Pilgrims Pride the largest poultry processor have gone into Chapter 11 bankruptcy.