U.S.-based Conagra Brands Inc.'s profitability improved for the fiscal year ended May 28, 2023 (fiscal 2023), resulting in S&P Global Ratings-adjusted leverage of about 3.8x, which is below our downgrade threshold of 4x for the current rating. Due to improved credit measures, we revised the outlook to stable from negative. We also affirmed all of our ratings, including our 'BBB-' long-term and 'A-3' short-term issuer ratings. The stable outlook reflects our expectation that the company will maintain steady operating performance and debt leverage below 4x. The company believes volume recovery will take time and is unlikely to improve until the back half of fiscal 2024. Management believes this is due to consumers purchasing less in the near term to stretch
