The ratings reflect ConAgra Foods Inc.'s relatively low business risk, which results from a diverse portfolio of leading packaged-food brands, as well as the company's major positions in 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 Sept. 19, 2002, ConAgra completed the transfer of a 56% interest in its fresh beef and pork processing business to a new venture led by Hicks, Muse, Tate&Furst for cash proceeds of about $800 million and an equity interest of $150 million. ConAgra has also extended about $250 million of credit lines to the cattle feeding joint venture. The total value of the transaction
