NEW YORK (Standard&Poor's) March 17, 2006—Standard&Poor's Ratings Services said today that ConAgra Foods Inc.'s (BBB+/Negative/A-2) announcement of its strategy and outlook would have no immediate effect on the ratings or outlook. Standard&Poor's will monitor the situation and the progress the company makes in achieving the plan of the new CEO, Gary Rodkin. A key factor in our rating analysis will be management's ability to successfully execute this multi-faceted plan to transform ConAgra Food's business, operating, and financial profile. Standard&Poor's is concerned that while ConAgra Foods tries to "catch-up" to its peers in the packaged food industry in the next several years, the company will still remain a step or two behind even
