Well-known brand names within the packaged foods industry; Broad market penetration; A solid liquidity position; and Moderate debt leverage. Execution risk in the restructuring process; Concerns about improving operating performance and credit measures not coming from the company's consumer foods segment but from its trading and food ingredients segments; 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. The rating reflects ConAgra Foods' diverse portfolio of well-known packaged-food brands, its good geographic coverage in the U.S., and its improving credit protection measures. These factors are partially offset by the company's recent operating weaknesses in the company's consumer foods
