NEW YORK (Standard&Poor's) Nov. 26, 2008—Standard&Poor's Ratings Services said today that it assigned its preliminary ratings of 'BBB+'/'BBB'/'BBB-' for its senior unsecured debt/subordinated debt/preferred stock, respectively, for ConAgra Foods Inc.'s $4 billion Rule 415 universal shelf filing. The universal shelf allows ConAgra to issue senior unsecured debt, subordinated debt, preferred securities, and common stock. The ratings reflect ConAgra's diverse portfolio of well-known packaged food brands, its good geographic coverage in the U.S., and its improving credit protection measures. Higher operating costs, which negatively affected margins, particularly in the company's consumer foods segment (about 59% of revenues), and our concern that the company's core packaged food business will be challenged to improve performance in the near term
