NEW YORK (Standard&Poor's) June 7, 2005--Standard&Poor's Ratings Services said today that its ratings and outlook on ConAgra Foods Inc. (BBB+/Stable/A-2) are not affected by the company's announcement that its fiscal 2005 fourth quarter earnings will be lower than expected. Earnings will be lower than expected primarily due to continued weak profitability in the company's packaged meat operations. While the company did not provide specific overall fourth quarter performance figures, as they were not yet final, the company suggests that overall earnings estimates be lowered by an amount similar to the shortfall in the packaged meat operations, approximately 10 cents per share. Despite the revised earnings guidance, Standard&Poor's believes there is still sufficient room in
