On Dec. 17, 2002, Standard&Poor's assigned its preliminary 'BBB+'/'BBB'/'BBB-' ratings to the senior unsecured debt/subordinated debt/preferred stock of ConAgra Foods Inc.'s $4 billion Rule 415 universal shelf filing. The universal shelf allows ConAgra to issue senior unsecured debt, subordinated debt, preferred securities, and common stock. The company's 'BBB+' corporate credit rating and 'A-2' commercial paper ratings were affirmed. The rating outlook is stable. About $7.3 billion of total debt was outstanding as of Aug. 25, 2002. The ratings reflect ConAgra's relatively low business risk, which results from a diverse portfolio of leading packaged-food brands, as well as the company's major positions in poultry, flour milling, grain trading, and agricultural inputs. These factors are offset, in part, by high
