Well-known brand names within the branded packaged foods industry; Broad market penetration; A solid liquidity position; and Moderate debt leverage. Execution risk in the restructuring process; Recent operating difficulties; The ability to continue with top line growth in the company's priority brands following the divestiture of low margin businesses; and Operating margins pressure due to higher energy and commodity costs for the remainder of fiscal 2007 and into fiscal 2008. The rating reflects ConAgra Foods' diverse portfolio of well-known packaged-food brands, its good geographic coverage in the U.S., and its solid liquidity position. These factors are partially offset by the company's moderate debt leverage, recent operating difficulties, and Standard&Poor's expectation that the company will be acquisitive over the
