Fitch changes ConAgra view to negative

Fitch Ratings said it revised the outlook for ConAgra Foods, Inc. and subsidiary Ralcorp Holdings, Inc. to negative from stable and affirmed their long-term issuer default ratings at BBB-.

The agency said it revised the outlook given the slower-than-expected pace of operating earnings improvement and prolonged volume declines. As a result, Fitch expects that gross leverage is likely to be in the mid 3 times range for fiscal 2015 and the pace of deleveraging thereafter is uncertain.

ConAgra's ample free cash flow generation and strong liquidity support the ratings, the agency said.

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