Well-recognized brands and good market positions Product diversity and role as the largest private-label manufacturer in the U.S. Narrow geographic diversification Exposure to volatile commodity costs Significant financial risk profile following increased leverage from the Ralcorp acquisition Expected debt reduction during the next few years Adequate liquidity The outlook is stable. We expect ConAgra will improve credit measures during the next 12 to 18 months following the close of the Ralcorp acquisition, including reducing leverage to the mid-3x area or lower and improving funds from operations (FFO) to total debt above 20% by fiscal 2015, and effectively integrate Ralcorp while maintaining adequate liquidity. We could revise the outlook to negative or lower the rating out of investment grade if the
