Following ConAgra Foods's (CAG) announcement that its meat operations will be transferred in to a new venture called Swift & Co, Fitch Ratings changed its outlook to Stable from Negative.

The international rating agency also affirmed its 'BBB+' rating on CAG's senior unsecured notes, its 'BBB' rating on CAG's subordinated debentures, its 'F2' rating on CAG's commercial paper and its 'BBB-' rating on ConAgra Capital preferred securities.

CAG, the second largest food comapny in the US, announced the buyout of its beef, pork and lamb operations by an investor group earlier this week. CAG will control to own 46% of Swift & Co and Hicks, Muse, Tate & Furst Inc in conjunction with Booth Creek Management  and George Gillett will own the remaining 54% of the venture.