Fitch downgrades its rating of Dean Foods Company's (Dean) senior unsecured notes to 'BBB+' from 'A-' and affirms its commercial paper rating at 'F2'. Both the short-term and long-term ratings are placed on Rating Watch Evolving following Dean's announcement that it is exploring strategic and financial alternatives. The Rating Watch status will be resolved following Fitch's assessment of the strategic and financial actions selected by the company and a determination of the impact on Dean's operations and capital structure.