Some well-known brands with good market positions; Product diversification within packaged food; and Broad market penetration in the U.S. Moderate leverage for the rating category; Exposure to volatile commodity costs; and The highly competitive nature of the packaged foods market with modest growth opportunities. The ratings on Omaha, Neb.-based ConAgra Foods Inc. reflect its diverse portfolio of well-known packaged food brands and its good geographic coverage in the U.S. Standard&Poor's Ratings Services' concern that the company's core packaged food business will face challenges to improve performance in the near term amid a challenging operating environment partially offset these factors. ConAgra has historically refined its business portfolio through divestitures of lower margin and commodity oriented business lines and modest-sized
