French smoked salmon and value-added seafood processor Labeyrie Fine Foods has been downgraded by Moody’s following struggles with strikes, avian flu and inflationary cost pressures.

The high-end consumer products company was downgraded by the rating agency to B3 from B2 in the corporate family rating and to B3-PD from B2-PD in the probability default rating.

Concurrently, Moody's has downgraded the ratings on the company's €455 million ($478 million) senior secured term loan and its €65 million ($68 million) senior secured revolving credit facility B3 from B2.