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BULLETIN: ConAgra Foods Inc.'s Restatement Will Not Have Immediate Effect On Ratings Mar 05
Standard & Poors, March 2005
Abstract
NEW YORK (Standard & Poor's) March 25, 2005-Standard & Poor's Ratings Services said today that ConAgra Foods Inc.'s (BBB+/Stable/A-2) announcement of tax errors which will result in the restatement of fiscal 2003 and 2004 results and the expected cash payment of between $150 million and $200 million to the Internal Revenue Service is not expected to have an immediate effect on the ratings and outlook. Standard & Poor's will monitor the situation and if there are any material changes from its current expectations then Standard & Poor's will reevaluate the situation and its possible effect on the ratings and outlook. In addition, although results were weak for the quarter as compared to the prior year, at present, there is sufficient...
Companies mentioned in this report are: ConAgra Foods Inc.
Action: Bulletin
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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