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
