NEW YORK (Standard&Poor's CreditWire) June 23, 2000--Standard&Poor's today placed its ratings for International Home Foods Inc. on CreditWatch with positive implications (see list below). The CreditWatch listing reflects the announcement of ConAgra Inc.'s definitive agreement to acquire International Home Foods for $2.9 billion through a combination of cash, stock, and debt. At the same time, Standard&Poor's affirmed its ratings for ConAgra Inc. (BBB+/Stable/A-2 corporate credit rating) and related entities. (A complete list of ratings for ConAgra and its related entities is available on RatingsDirect, Standard&Poor's on-line credit research service, or by calling the Standard&Poor's Ratings Desk at 212-438-2400.) ConAgra's credit protection measures (pro forma for the transaction and adjusted for