U.S.-based ConAgra Foods Inc. completed its sale of the private label business to TreeHouse Foods Inc. for roughly $2.7 billion, and the company announced a tender offer for roughly $1.4 billion of its senior unsecured notes. Management also expects to pay down roughly $750 million in short-term debt that was used to refinance the maturity in January 2016, resulting in approximately $2.2 billion in debt reduction. While the spin-off of the Lamb Weston business is still pending, we believe that the new, stand-alone consumer foods company will likely retain an investment-grade rating. Therefore, we are affirming all of our ratings, including our 'BBB-' corporate credit rating, on ConAgra Foods Inc. We are removing all of our ratings from CreditWatch with
