SAN FRANCISCO (Standard&Poor's) Oct. 1, 2015--Standard&Poor's Ratings Services said today that ConAgra Foods Inc.'s announced $300 million efficiency plan currently does not affect our CreditWatch developing listing. The company does not expect material benefits in fiscal 2016, with more than half to be realized in fiscal 2017 and the remainder in fiscal 2018. ConAgra estimates it will incur about $345 million in charges, most of which will be cash, during the next two to three years. The company also announced that that it is relocating its headquarters to Chicago. While we believe that the announced restructuring should improve the company's profitability in the long term, we are awaiting more details on the pending sale of the
