On Dec. 19, 2008, Standard&Poor's Ratings Services said that it placed its ratings on ConAgra Foods Inc., including the 'BBB+' long-term and 'A-2' short-term corporate credit ratings, on CreditWatch with negative implications, meaning that we could lower or affirm the ratings on completion of our review. If we lower the corporate credit rating one notch to 'BBB' and assign a negative outlook, we would also lower the 'A-2' short-term corporate credit and commercial ratings to 'A-3'. As of Nov. 23, 2008, ConAgra had about $3.7 billion of total debt. The CreditWatch placement reflects weaker than expected credit measures and slower than expected operating momentum year to date in fiscal 2009. For the 12 months ended Nov. 23, 2008,
