Fitch rates ConAgra notes BBB

Fitch Ratings said it assigned BBB ratings to ConAgra Foods, Inc.'s $500 million 5 7/8% senior unsecured notes due April 15, 2014 and $500 million 7% senior unsecured notes due April 15, 2019.

ConAgra has a long-term issuer default rating, senior unsecured notes and bank credit facility at BBB, subordinated notes at BBB-, short-term issuer default rating at F2 and commercial paper at F2.

The outlook is stable.

Proceeds will be used to fund tender offers of up to $600 million senior unsecured notes, which will expire on April 17.

ConAgra's ratings recognize the company's diversified product portfolio and balanced financial strategy, the agency said.

Fitch said it expects ConAgra's total debt-to-operating EBITDA ratio to remain in the mid-2 times range.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.