On May 22, 2002, Standard&Poor's affirmed its 'BBB+' corporate credit rating on ConAgra Foods Inc. The outlook is stable. ConAgra has agreed to transfer a 56% interest in its fresh beef and pork processing business to a new venture led by Hicks, Muse, Tate&Furst for cash proceeds of about $800 million and an equity interest of $150 million. The joint venture will also owe ConAgra $150 million of subordinated debt, $30 million of secured debt, and about $250 million of credit lines assumed by the venture. The total valued of the transaction is about $1.4 billion. ConAgra's cash proceeds will likely be used for debt reduction. The divested operation represents about 27% of sales and about
