The ratings on Omaha, Neb.-based ConAgra Foods Inc. reflect its diverse portfolio of well-known packaged food brands and its good geographic coverage in the U.S. 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 divestitures of lower margin and commodity oriented business lines and modest-sized acquisitions to focus on branded, value-added areas. The company is focused on five strategic areas: convenient meals, potatoes, snacks, meal enhancers and specialty businesses. Through innovation, marketing and cost reduction, ConAgra has also sought to improve its operational effectiveness to drive sales growth and
