NEW YORK (Standard&Poor's CreditWire) April 28, 2000--Standard&Poor's today assigned its double-'B' rating to Canandaigua Brands Inc.'s £75 million series C senior unsecured notes due 2009. The proceeds are to be used to repay existing bank debt. In addition, the double-'B' corporate credit and senior unsecured debt ratings, as well as the single-'B'-plus subordinated debt rating, for the company were affirmed. The outlook is negative. About $1.3 billion of debt was outstanding as of Feb. 29, 2000. Ratings reflect Canandaigua's strong cash generation from a diverse portfolio of beverage alcohol products, offset, in part, by the competitive nature of the company's markets and its leveraged financial profile resulting from its acquisitive growth strategy. The Fairport, N.Y.-based company
