The ratings on ConAgra Foods Inc. reflect its diverse portfolio of well-known packaged food brands and its good geographic coverage in the U.S. Higher operating costs, which negatively affected margins, particularly in the company's consumer foods segment (about 64% of fiscal 2008 revenues), and Standard&Poor's Ratings Services' concern that the company's core packaged food business will face challenges to improve performance in the near term amid a challenging operating environment, partially offset these factors. ConAgra has historically refined its business portfolio through acquisitions and asset sales. In the longer term, we expect acquisitions to remain a source of growth for ConAgra. In fiscal year to date 2009, ConAgra has invested about $45 million for a joint venture and
