Standard&Poor's Ratings Services' ratings on Omaha-based ConAgra Foods Inc. reflect our view that the company's business risk profile is "satisfactory" and its financial risk profile is "intermediate," as defined in our criteria. Key credit factors we considered in our assessment of ConAgra's business risk profile include the company's exposure to volatile commodity input costs, the highly competitive nature of the packaged foods market, and the company's limited international diversification. We believe ConAgra benefits from its well-recognized brands with good market positions, its broad market penetration in the U.S. serving a wide range of customers, and its product diversification within packaged food. ConAgra's "intermediate" financial risk profile reflects the company's financial leverage, cash flow generating capability, and financial policies.
