Summary: ConAgra Foods Inc. Aug 11

Standard & Poors, August 2011

Abstract
The ratings on Omaha-based ConAgra Foods Inc. reflect Standard & Poor's Ratings Services' opinion of the company's satisfactory business risk profile which includes a diverse portfolio of well-known brands and participation in the relatively stable packaged food industry (albeit with exposure to volatile raw material costs). ConAgra's limited geographical diversification and uncertain future capital structure due to a possible combination with Ralcorp Holdings Inc remain rating risk factors. Our ratings on ConAgra remain on CreditWatch with negative implications, where they were placed on May 4, 2011, following the company's unsolicited all-cash proposal to acquire Ralcorp for about $4.9 billion, plus the assumption of $2.5 billion of debt. We expect the transaction to be largely debt-financed even though the company announced...

Companies mentioned in this report are:
- ConAgra Foods Inc.

Action: Review

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.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

- ConAgra Foods Inc.

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