New York, October 16, 2013 -- Moody's Investors Service today affirmed Shearer's Foods LLC's ("Shearer's") Corporate Family Rating ("CFR") at B2, its $235 million Secured Notes due 2018 at B3 and the Probability of Default rating at B2-PD . Moody's also changed the outlook negative. The outlook revision reflects the company's weaker than expected operating margins, albeit partially influenced by transaction accounting, weak credit metrics, slowing sales growth and reduced liquidity although partially due to one off issues in recent quarters.
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