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Bulletin: Ratings On ConAgra Foods Unaffected Re: Accelerated Share Repurchase Program Jul 08
Standard & Poors, July 2008
Abstract
NEW YORK (Standard & Poor's) July 1, 2008--Standard & Poor's Ratings Services today said that the ratings and outlook on ConAgra Foods Inc. (BBB+/Negative/A-2) would be unaffected by the company's announcement that it has entered into a $900 million accelerated share repurchase program which the company will fund from a portion of the proceeds from the recently completed sale of its Trading and Merchandising segment (total proceeds of about $2.8 billion). ConAgra also used a portion of these proceeds to repay debt. Pro forma for these transactions, we expect total debt to EBITDA to improve to about 2.5x in fiscal 2009 from about 3x currently, and funds from operations to total debt to about 30% from about 25% on a...
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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