...October 7, 2020 CHICAGO (S&P Global Ratings) Oct. 7, 2020--S&P Global Ratings today assigned its '###-' rating to Chicago-based Conagra Brands Inc.'s proposed senior unsecured notes issuance (final amount and maturity to be determined) in what we view as a leverage-neutral transaction. The net proceeds, in combination with borrowings under Conagra's term loan facility and/or commercial paper program and cash on hand, will be used to fund the repayment of the $500 million floating-rate notes due in October 2020 and redemption of the $1.2 billion 3.8% senior unsecured notes due in October 2021. All of our ratings on Conagra, including our '###-/A-3' issuer credit rating, are unchanged. The outlook is stable. Our rating incorporates Conagra's diverse collection of brands across the packaged food sector and innovation-focused management team. We believe the company has the No. 1 or No. 2 combined share in 82% of its categories. Moreover, because of the COVID-19 pandemic and its effects on the...
