Fitch rates ConAgra notes BBB-

Fitch Ratings said it assigned a BBB- rating to ConAgra Foods, Inc.'s $550 million senior unsecured floating-rate notes due July 2016.

The company intends to use the net proceeds for general corporate purposes, including the repayment of commercial paper, which was $585.7 million at July 18, and other debt.

Concurrently, ConAgra announced a tender offer for up to $500 million aggregate principal of certain notes expiring on Aug. 15, 2014, unless extended or terminated. This debt issuance is not conditioned on successful consummation of the tender offer.

The outlook is stable.

The notes will be issued under the company's indenture dated Oct. 8, 1990. The new notes will rank equal to the company's existing senior unsecured debt. The indenture contains limitations on secured debt and certain sale/leaseback transactions; however, there are no financial covenants or other restrictive covenants.

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