Some well-known brands with good market positions; Product diversification within packaged food; and Broad market penetration in the U.S. Exposure to volatile commodity costs; Limited international diversification; 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. ConAgra's limited geographical diversification and exposure to volatile raw material costs remain rating risk factors. ConAgra has refined its business portfolio over time through divestitures of lower-margin and commodity-oriented business lines and modest-size acquisitions to focus on value-added areas. Still,
