Some well-known brands with good market positions; Product diversification within packaged food; and Broad market penetration in the U.S. Potential increase in leverage from a possible acquisition; Exposure to volatile commodity costs; and The highly competitive nature of the packaged foods market with modest growth opportunities. The ratings on Omaha-based ConAgra Foods Inc. reflect Standard&Poor's Ratings Services' opinion of the company's satisfactory business risk profile, which includes a diverse portfolio of well-known brands, and its participation in the relatively stable packaged food industry (albeit with exposure to volatile raw material costs). ConAgra's limited geographical diversification and uncertain future capital structure due to a possible acquisition of Ralcorp Holdings Inc. (BBB-/Watch Neg/--) remain rating risk factors. Our ratings on
