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 good geographic coverage and solid liquidity position. These factors are partially offset by the company's moderate debt leverage for the rating. Standard&Poor's expects ConAgra Foods' operating margins to improve now that it has divested of its lower margin commodity protein and agricultural businesses. These divestitures will allow management to focus on the higher margin packaged-foods segment. On Nov. 25, 2003, ConAgra completed the divestiture of its fresh chicken division, the fourth-largest chicken producer in the U.S. The division was sold to Pilgrim's Pride for a total transaction valued at about $623 million. On
