Moody’s changes Conagra view to positive

Moody’s Investors Service said it affirmed Conagra Brands, Inc.’s ratings and revised the outlook to positive from stable. Ratings affirmed include its long-term issuer rating and senior unsecured debt ratings at Baa3 and subordinated debt rating at Ba1.

“The positive outlook reflects Conagra’s steady progress towards reducing debt and financial leverage toward levels that could support a rating upgrade within the next 12 to 18 months. Conagra has repaid approximately $2 billion of debt since the Pinnacle acquisition in 2018. Moody’s anticipates that debt/EBITDA could fall comfortably below 4x by the end of calendar 2021, which could lead to an upgrade. This assumes that Conagra’s operating performance remains stable, including through the transition to a more normalized demand pattern once the effects from the coronavirus abate,” Moody’s said in a press release.

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