Research Update: ConAgra Foods Inc. Dec 02

Standard & Poors, December 2002

Abstract
On Dec. 17, 2002, Standard & Poor's assigned its preliminary 'BBB+'/'BBB'/'BBB-' ratings to the senior unsecured debt/subordinated debt/preferred stock of ConAgra Foods Inc.'s $4 billion Rule 415 universal shelf filing. The universal shelf allows ConAgra to issue senior unsecured debt, subordinated debt, preferred securities, and common stock. The company's 'BBB+' corporate credit rating and 'A-2' commercial paper ratings were affirmed. The rating outlook is stable. About $7.3 billion of total debt was outstanding as of Aug. 25, 2002. The ratings reflect ConAgra's relatively low business risk, which results from a diverse portfolio of leading packaged-food brands, as well as the company's major positions in poultry, flour milling, grain trading, and agricultural inputs. These factors are offset, in part, by high...

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.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

- ConAgra Foods Inc.

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