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. On May 24, 2001, ConAgra announced that its investigation into accounting and conduct matters at its United Agri Products Cos. (UAP) subsidiary for fiscals 1999 and 2000 resulted in the restatement and reduction of revenues by $326 million and earnings by $63 million, cumulatively, for fiscals 1998 through 2000, and increased fiscal 2001 revenues and earnings by a corresponding amount. The reason for the restatement
