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ConAgra Foods Inc.'s Universal Shelf Registration Assigned Preliminary Ratings Oct 11 Product Image

ConAgra Foods Inc.'s Universal Shelf Registration Assigned Preliminary Ratings Oct 11

  • ID: 1928846
  • October 2011
  • Standard & Poors

Abstract
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

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

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