Relatively diverse portfolio of well-known brands, some of which are in categories facing secular weakness. Good management team in the midst of repositioning its portfolio through innovation and select acquisitions. Improving profit margin trends, though still lagging larger packaged food peers, which tend to have greater scale and geographic diversity. Good cash flow generation, the majority of which will be used for share repurchases and bolt-on acquisitions. Moderate leverage, though a large synergistic acquisition is a near-term risk. The outlook is stable. S&P Global Ratings expects Conagra Brands Inc. to stabilize sales, realize moderate profit improvements, and--assuming it does not make any large acquisitions--maintain adjusted leverage below 3x. If the company increases adjusted leverage above 3x for an acquisition, we
