NEW YORK (Standard&Poor's) May 22, 2002--Standard&Poor's said today it affirmed its triple-'B'-plus corporate credit rating on ConAgra Foods Inc., following the company's announcement that it has agreed to transfer a 56% interest in its fresh beef and pork processing business to a new venture led by Hicks, Muse, Tate&Furst for cash proceeds of about $800 million and an equity interest of $150 million. The joint venture will also owe ConAgra $150 million of subordinated debt, $30 million of secured debt, and about $250 million of credit lines assumed by the venture. The total valued of the transaction is about $1.4 billion. ConAgra's cash proceeds will likely be used for debt reduction. As of Feb.
