SAN FRANCISCO (Standard&Poor's) Dec. 28, 2012--Standard&Poor's Ratings Services lowered its ratings on Omaha, Neb.-based ConAgra Foods Inc. by one notch to 'BBB-' from 'BBB' and short-term and commercial paper ratings to 'A-3' from 'A-2' and removed all the ratings from CreditWatch with negative implications, where they had been placed on Nov. 27, 2012, following the company's announcement that it was acquiring Ralcorp Holdings Inc. for about $6.8 billion, to be funded primarily with debt and up to $350 million in equity. We are also affirming the 'BBB-' issue-level ratings on Ralcorp and removed these issue-level ratings from CreditWatch with negative implications, where they had also been placed on Nov. 27, 2012. The outlook for ConAgra is
