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 continued debt reduction. The outlook is stable. We expect debt reduction at ConAgra Foods Inc. will result in improved credit measures during fiscal years 2015 and 2016 consistent with a "significant" financial risk profile, including maintaining leverage, as measured by debt to EBITDA below 4x, discretionary cash flow (DCF) to debt above 5%, and funds from operations (FFO) to debt near 20%. We could lower the rating out of investment grade if the company's leverage is sustained at 4x or greater as
