Conagra Brands Inc. Outlook Revised To Stable On Improved Profitability; All Ratings Affirmed

U.S.-based Conagra Brands Inc.'s profitability improved for the fiscal year ended May 28, 2023 (fiscal 2023), resulting in S&P Global Ratings-adjusted leverage of about 3.8x, which is below our downgrade threshold of 4x for the current rating. Due to improved credit measures, we revised the outlook to stable from negative. We also affirmed all of our ratings, including our 'BBB-' long-term and 'A-3' short-term issuer ratings. The stable outlook reflects our expectation that the company will maintain steady operating performance and debt leverage below 4x. SAN FRANCISCO (S&P Global Ratings) July 14, 2023--S&P Global Ratings today took the rating actions listed above. We revised the outlook to stable and affirmed our ratings because the company's profits continue to recover from

...July 14, 2023 - U.S.-based Conagra Brands Inc.'s profitability improved for the fiscal year ended May 28, 2023 (fiscal 2023), resulting in S&P Global Ratings-adjusted leverage of about 3.8x, which is below our downgrade threshold of 4x for the current rating. - Due to improved credit measures, we revised the outlook to stable from negative. - We also affirmed all of our ratings, including our '###-' long-term and 'A-3' short-term issuer ratings. - The stable outlook reflects our expectation that the company will maintain steady operating performance and debt leverage below 4x. SAN FRANCISCO (S&P Global Ratings) July 14, 2023--S&P Global Ratings today took the rating actions listed above. We revised the outlook to stable and affirmed our ratings because the company's profits continue to recover from extraordinary inflation. Conagra reported revenue growth of 6.4% and S&P Global Ratings-adjusted EBITDA growth of over 18% for fiscal 2023. In particular, gross margins expanded over 200 basis...

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