On April 3, 2009, Standard&Poor's Ratings Services said that it lowered its corporate credit rating on ConAgra Foods Inc. to 'BBB' from 'BBB+', and removed all ratings on the company from CreditWatch with negative implications. We had placed the ratings on CreditWatch on Dec. 19, 2008, following weaker-than-expected credit measures and slower-than-expected operating momentum in the first half of fiscal 2009. The outlook is stable. Total debt at ConAgra was about $4 billion as of Feb. 22, 2009. The downgrade reflects ConAgra's continued weak credit measures and our expectation for limited improvement due to a challenging operating environment. For the 12 months ended Feb. 22, 2009, we estimate funds from operations (FFO) to total pension and lease-adjusted debt
