NEW YORK (Standard&Poor's) May 20, 2003--Standard&Poor's Ratings Services said today that there would be no effect on the ratings or outlook of leading packaged food manufacturer ConAgra Foods Inc. (BBB+/Stable/A-2) following the company's announcement that it will sell its Bumble Bee canned seafood subsidiary and other seafood assets. The business is being sold to Bumble Bee's operating management and an affiliate of Centre Partners Management LLC, a private investment firm. Its brands include Bumble Bee, Orleans, Paramount, and Clover Leaf. The divestiture is a continuation of ConAgra's strategy to focus on its branded packaged food business and to transition away from commodity proteins.
