Corporate credit rating: BBB+/Stable/A-2 Standard&Poor's said today that ConAgra Foods Inc.'s announcement that its investigation and the subsequent financial restatement into accounting and conduct matters at its Untied Agri Products Cos. (UAP) subsidiary for fiscal years 1999 and 2000 will have no impact on the rating or outlook of the company. The reason for the restatement relates to the following accounting practices that are isolated to UAP: 1) revenue recognition for deferred delivery sales and associated vendor; 2) recognition of advance rebate income; and 3) accruals for bad debt reserves. The restatement will reduce revenues and earnings cumulatively for fiscal years 1998 through 2000 by $326 million and $63 million, respectively and increase fiscal year 2001 revenues and
