Research Update: Constellation Brands Inc. Upgraded One Notch On Debt Reduction; Outlook Stable May 11

Standard & Poors, May 2011

Abstract
Victor, N.Y.-based Constellation Brands Inc.'s financial profile and credit measures have improved, in part due to its debt reduction efforts and despite lingering weak global macroeconomic conditions. We have upgraded Constellation Brands ratings one notch, including its corporate credit rating to 'BB+'. The outlook is stable because we expect Constellation Brands' credit measures to remain near current levels in the near-to-intermediate term despite continued sluggish macroeconomic conditions. On May 25, 2011, Standard & Poor's Ratings Service raised its ratings on Constellation Brands, including the corporate credit rating on the company to 'BB+' from 'BB'. The outlook is stable. The upgrade reflects Constellation Brands' improved financial profile, including stronger adjusted credit measures. The company has continued to focus on debt reduction,...

Companies mentioned in this report are: Constellation Brands Inc.
Action: Outlook: Stable

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

Constellation Brands Inc.

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