NY -- Standard&Poor's CreditWire 11/4/98 -- Standard&Poor's today revised its ratings outlook for Canandaigua Brands, Inc. to stable from positive, following the company's announcement of its intention to purchase Matthew Clark plc, a U.K.-based producer, distributor, and wholesaler of alcoholic and bottled water beverages, through a debt-financed tender offer valued at about $500 million, including the assumption of debt. At the same time, Standard&Poor's has affirmed Canandaigua's double-'B' corporate credit rating and single-'B'-plus subordinated debt rating. About $195 million of rated debt is affected. Ratings reflect Canandaigua's strong cash generation from a diverse portfolio of alcoholic beverage products, offset, in part, by the company's acquisitive growth strategy in recent years and the competitive nature
