Product diversification; Strong cash flow; and Increased international presence. Acquisition risk; High leverage; and Competitive nature of alcoholic beverage industry. The ratings on Fairport, N.Y.-based Constellation Brands Inc. reflect its leveraged financial profile, acquisitive growth strategy and participation in the highly competitive beverage alcohol markets, yet strong cash generation from a diverse portfolio of beverage alcohol brands. Constellation Brands has the largest wine business in the world. It is the second-largest U.S. supplier of wines, the third-largest U.S. importer of beer, and the third-largest U.S. supplier of distilled spirits. The company is also the No. 1 supplier of wine and the No. 2 producer of cider in the U.K., a leading beverage alcohol wholesaler in the U.K., and the largest
