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BULLETIN: ConAgra Foods Inc.'s Restated Financials and Investigation May 01
Standard & Poors, May 2001
Abstract
Corporate credit rating: BBB+/Stable/A-2 Standard & Poor's said today that ConAgra Foods Inc.'s announcement that its investigation and the subsequent financial restatement into accounting and conduct matters at its Untied Agri Products Cos. (UAP) subsidiary for fiscal years 1999 and 2000 will have no impact on the rating or outlook of the company. The reason for the restatement relates to the following accounting practices that are isolated to UAP: 1) revenue recognition for deferred delivery sales and associated vendor; 2) recognition of advance rebate income; and 3) accruals for bad debt reserves. The restatement will reduce revenues and earnings cumulatively for fiscal years 1998 through 2000 by $326 million and $63 million, respectively and increase fiscal year 2001 revenues and...
Companies mentioned in this report are: ConAgra Foods Inc.
Action: S&P Event
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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