Above-industry-average growth outlook for the company's beer portfolio; Good brand strength across all product categories; and Strong market shares despite regional concentration in the U.S. Clearly defined leverage target of 3.5x debt to EBITDA; Ongoing mergers and acquisitions (M&A) are not likely to materially increase leverage given the company's EBITDA growth; and Historically high growth capital expenditures (capex) should slowly decline, leading to higher free operating cash flow and better flexibility to fund dividends, bolt-on M&A, and share repurchases. The stable outlook reflects S&P Global Ratings' opinion that Constellation Brands Inc. will maintain stable credit measures, including debt to EBITDA near 3.5x, while continuing to invest in its beer capacity expansion projects to ensure it can grow sales volumes to
