NEW YORK (Standard&Poor's) Nov. 20, 2006--Standard&Poor's Ratings Services today assigned its 'BBB+' senior unsecured debt rating to ConAgra Foods Inc.'s proposed $500 million notes due 2017. Proceeds from the transaction will be used to exchange up to $500 million of existing long-term debt securities outstanding. Of the $500 million offered for exchange, ConAgra Foods will accept a maximum of $200 million of its $400 million 9.75% notes due 2021. The other notes offered for exchange are the company's $1 billion 6.75% notes due 2011. The exchange is conditioned on at least $250 million in total of the notes being tendered for exchange. At the same time, Standard&Poor's affirmed its 'BBB+' long-term corporate credit rating
