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. Still, ConAgra generally competes in low growth categories with above-average private label market share. The company focuses on five strategic areas: convenient meals (includes Healthy Choice, Marie Callender's and Banquet branded frozen meals; Chef Boyardee canned pasta), potatoes (primarily a commercial business), snacks (includes Orville Redenbacher's popcorn), meal enhancers (includes Hunt's canned tomatoes), and specialty businesses (brands include
