The ratings on Omaha-based ConAgra Foods Inc. reflect its diverse portfolio of well-known packaged food brands and good geographic coverage in the U.S. Historically mixed operating performance, moderate leverage, and difficult market conditions temper these strengths. ConAgra has refined its business portfolio over time through divestitures of lower margin and commodity-oriented business lines and modest-size acquisitions to focus on branded, value-added areas. The company focuses on five strategic areas: convenient meals, potatoes, snacks, meal enhancers, and specialty businesses. The company's portfolio of brands includes Healthy Choice, Marie Callender's and Banquet frozen meals, Chef Boyardee canned pasta, Orville Redenbacher's and Act II popcorn, and Hunt's canned tomatoes, among others. Through innovation, marketing, and cost reduction, ConAgra has also sought to improve
