The ratings on Omaha-based ConAgra Foods Inc. reflect Standard&Poor's Ratings Services' opinion of the company's satisfactory business risk profile, which includes a diverse portfolio of well-known brands, and its participation in the relatively stable packaged food industry. ConAgra's limited geographical diversification and exposure to volatile raw material costs remain rating risk factors. 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 value-added areas. Still, ConAgra generally competes in low-growth categories, with above-average private-label market share. ConAgra has indicated it wants to increase its core operations, expand into adjacent categories, and increase its presence in private-label and international operations. The company focuses on five strategic areas:
