NEW YORK (Standard & Poor's) Oct. 4, 2011--Standard & Poor's Ratings Services said today that it assigned its preliminary 'BBB'/'BBB-' senior unsecured/subordinated debt ratings to Omaha-based ConAgra Foods Inc.'s (BBB/Stable/A-2) Form S-3 universal shelf registration. The new shelf has an indeterminate total initial offering amount and number of debt securities. We view ConAgra's business risk profile as satisfactory, given its diverse portfolio of well-known brands and its participation in the relatively stable packaged food industry, despite its limited geographical diversification and exposure to volatile raw material costs. We view ConAgra's financial risk profile as intermediate and expect the company to maintain credit measures near current levels, including lease- and pension-adjusted total debt to EBITDA of about 2.3x and funds from...
Companies mentioned in this report are:
- ConAgra Foods Inc.
Action: New Rating
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