NEW YORK (Standard&Poor's CreditWire) July 22, 1999--Standard&Poor's today assigned its double-'B' rating to Canandaigua Brands Inc.'s proposed $200 million senior unsecured notes due 2006 and UK100 million senior unsecured notes due 2008. At the same time, Standard&Poor's affirmed its double-'B' corporate credit rating and single-'B'-plus subordinated debt rating for the company. The rating outlook is negative. About $395 million of rated debt is outstanding. The ratings anticipate that Canandaigua will successfully complete a refinancing of its existing $1.2 billion of senior secured credit facilities shortly after the issuance of the senior unsecured notes. This will include reducing the committed amount to $800 million, and limiting security on the new facility to a first-priority pledge
