S&P rates ConAgra notes BBB-

Standard & Poor's said it assigned its BBB- senior unsecured issue-level ratings to ConAgra Foods Inc.'s $282.741 million 4.95% notes due 2020 and $433.275 million 6.625% notes due 2039.

The issuance of these notes followed the completion of ConAgra's previously announced exchange offers and consent solicitations for about $750 million of notes previously issued by Ralcorp Holdings Inc., a wholly owned operating subsidiary of ConAgra.

S&P said the ratings on ConAgra reflect the agency's opinion of the company's "satisfactory" business risk profile and "significant" financial risk profile.

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