The ratings reflect ConAgra Foods Inc.'s relatively low business risk derived from a diverse portfolio of leading packaged-food brands as well as the company's major positions in meat packing, poultry, flour milling, grain trading, and agricultural inputs. These factors are offset, in part, by high debt leverage and cyclical weakness within its agriculture products business. ConAgra has maintained an adequate financial profile while managing several commodity-related businesses. Credit measures have weakened due to increased debt levels following the $2.9 billion International Home Foods Inc. acquisition in August 2000. Adjusted pretax interest coverage declined to about 3.4 times (x) for fiscal 2001 versus 3.7x in 2000. Total debt/EBITDA leverage was about 3.3x versus 1.6x in fiscal 2000. Going forward, strong cash
