S&P changes Conagra outlook to stable

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

“We revised the outlook to stable and affirmed our ratings because the company's profits continue to recover from extraordinary inflation. Conagra reported revenue growth of 6.4% and S&P Global Ratings-adjusted EBITDA growth of over 18% for fiscal 2023. In particular, gross margins expanded over 200 basis points (bps) for the year,” the agency said in a press release.

The agency also noted that Conagra’s S&P Global Ratings-adjusted leverage declined to 3.8x in fiscal 2023 from 4.3x for the same prior-year period.

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