S&P changes Conagra view to stable

S&P said it revised the outlook for Conagra Brands Inc. to stable from negative and affirmed all its ratings for Conagra, including the BBB- issuer rating.

“The stable outlook reflects our expectation that solid demand for Conagra’s value-oriented products will continue for at least the next year given the potential for ongoing coronavirus risk and continued weak economic conditions. We forecast adjusted leverage of around 4x and discretionary cash flow (DCF) of about $500 million in fiscal 2021 (excluding the fiscal 2021 inventory re-build),” S&P said in a press release.

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