...August 9, 2021 CHICAGO (S&P Global Ratings) Aug. 6, 2021--S&P Global Ratings today assigned its '###-' issue-level rating to Chicago-based Conagra Brands Inc.'s proposed senior unsecured notes (final amount and maturity to be determined). We believe this will be a leverage-neutral transaction because we expect the company to use the net proceeds from the offering for general corporate purposes, including to repay the outstanding borrowings under its commercial paper program (about $975 million as of Aug. 5, 2021). There is no structural subordination of Conagra's senior unsecured debt because most of the group's debt is issued by the parent on a pari passu basis without subsidiary guarantees. All our other ratings on Conagra, including our '###-/A-3' issuer credit rating and stable outlook, are unchanged. We believe the demand for the company's products will remain elevated relative to pre-pandemic levels because some people will continue to avoid dining out because of the ongoing virus...
