Product diversification; Strong cash flow; and International presence. Acquisition risk; High leverage; and Competitive nature of alcoholic beverage industry. The ratings on Fairport, N.Y.-based Constellation Brands Inc. reflect the company's acquisitive growth strategy, highly leveraged financial profile, significant debt burden, and participation in the highly competitive beverage alcohol markets. Constellation Brands' highly leveraged financial profile is somewhat offset by its historically strong cash generation from a diverse portfolio of consumer brands. Constellation Brands has the largest wine business in the world. It is the second-largest U.S. supplier of wines, the largest U.S. importer of beer within its territory, and the fourth-largest U.S. supplier of distilled spirits. The company also is the number-one supplier of wine and the number-two producer of
