On Dec. 8, 2005, Standard&Poor's Ratings Services revised its outlook on Omaha, Neb.-based ConAgra Foods Inc. and Beatrice Co. to negative from stable. At the same time, Standard&Poor's affirmed its long-term 'BBB+' and short-term 'A-2' corporate credit ratings. At Aug. 28, 2005, ConAgra Foods had outstanding debt (including capitalized operating leases) of $4.9 billion. The outlook revision follows the company's recent announcement that second-quarter results will be weaker because of lower volumes and revenues primarily in the retail products segments, increased commodity and operating costs, and lower results in the company's commodity trading and merchandising operations. Although we expect there will be variability in results from the trading and merchandising segment, we are concerned that ConAgra
