Our BBB-/Stable/A-3 rating on ConAgra Foods Inc. is derived from: Our anchor of 'bbb-', based on our "satisfactory" business risk and "significant" financial risk profile assessments for the company. The choice of anchor, given two potential outcomes ('bbb-' or 'bb+'), reflects our assessment of ConAgra's satisfactory competitive position at the upper end of the range relative to its comparably rated peers. Modifiers had no impact on the ratings. 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 debt obligations from the Ralcorp acquisition. Recent weaker-than-expected operating performance. Anticipated debt reduction during the next few years. The outlook is stable. We expect ConAgra
