Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of Conagra Brands, Inc.Global Credit Research - 27 Jan 2022New York, January 27, 2022 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Conagra Brands, Inc. and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review discussion held on 20 January 2022 in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. The review did not involve a rating committee. Since 1 January 2019, Moody's practice has been to issue a press release following each periodic review to announce its completion.This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future. Credit ratings and outlook/review status cannot be changed in a portfolio review and hence are not impacted by this announcement. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.Key rating considerations are summarized below.Conagra's Baa3 rating is supported by its 1) diverse portfolio of well-known branded food products, 2) solid free cash flows and 3) relatively large scale. These factors are counterbalanced against the middle-tier market positions of many of its brands and the potential for future negative shifts in financial policy as evidenced by the 2018 leveraged acquisition of Pinnacle Foods. Conagra has substantially completed realization of targeted transaction-related cost synergies. Tough comps following a covid-related surge for its products together with inflation have created headwinds that have pressured margins and slowed deleveraging, although the company expects recent price increases to restore margins leading to lower leverage in the next 6-12 months.This document summarizes Moody's view as of the publication date and will not be updated until the next periodic review announcement, which will incorporate material changes in credit circumstances (if any) during the intervening period.The principal methodology used for this review was Consumer Packaged Goods Methodology published in February 2020. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.This announcement applies only to EU rated, UK rated, EU endorsed and UK endorsed ratings. Non EU rated, non UK rated, non EU endorsed and non UK endorsed ratings may be referenced above to the extent necessary, if they are part of the same analytical unit.This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history. Linda Montag Senior Vice President Corporate Finance Group Moody's Investors Service, Inc. 250 Greenwich Street New York, NY 10007 U.S.A. JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 John E. 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