...CHICAGO (S&P Global Ratings) Oct. 15, 2018--S&P Global Ratings today assigned its '###' rating to Chicago-based Conagra Brands Inc.'s proposed issuance of senior unsecured notes, the proceeds of which will be used to partially finance the acquisition of Pinnacle Foods Inc., which is expected to close by the end of the month. The final note amounts and maturities are to be determined. Total reported debt outstanding pro forma for the proposed acquisition and related financings is about $11.6 billion. All of our ratings on Conagra, including our '###/A-2' issuer credit rating, are unchanged. The outlook is negative. We believe the acquisition improves Conagra's business risk, which combines two relatively well performing packaged-food firms. The transaction will further diversify Conagra's already varied product portfolio, expand its offering of healthier natural and organic products (including adding Birds Eye) , and leverage its scale and cost base, particularly in frozen foods, though...
