SAN FRANCISCO (S&P Global Ratings) July 17, 2023--S&P Global Ratings today assigned its 'BBB-' issue-level rating to Chicago-based packaged goods food company 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 will use the net proceeds from the offering to repay its $500 million 0.5% senior notes due August 2023. 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 are unchanged, including our 'BBB-'issuer credit rating and stable outlook. For the complete issuer credit rating rationale,
