NEW YORK (Standard&Poor's) March 27, 2008—Standard&Poor's Ratings Services said today that the ratings and outlook on ConAgra Foods Inc. (BBB+/Negative/A-2) currently would not be affected following the company's announcement that it had agreed to sell its trading and merchandising operations to Ospraie Special Opportunities Fund, an affiliate of Ospraie Management, for $2.1 billion (book value plus $600 million). Under the terms of the deal, ConAgra Foods will receive $1.6 billion in cash (subject to working capital adjustments) and $525 million in payment-in-kind debt securities (with two-, three-, and four-year maturities, issued by a newly created holding company, and a weighted interest rate of 10.82%). Upon closing (expected within 60 days), ConAgra Trade Group will be renamed
