Moody’s Mulls Perdigao Downgrade

Moody’s has changed the outlook for Brazilian foods processor Perdigao, noting its lower operating margins and higher than expected working capital needs in the first two quarters of 2008. “Total debt increased in the … period, leading total debt to Ebitda to increase to 3.7x and 3.8x,” says Moody’s. The agency also affirmed Perdigao’s Ba1 local currecy corporate rating.