Product diversification; Strong cash flow; and An international presence. Acquisition risk; High debt levels; and The competitive nature of the alcoholic beverage industry. The ratings on Fairport, N.Y.-based Constellation Brands Inc. reflect the company's acquisitive growth strategy, leveraged financial profile, significant debt burden, and participation in the highly competitive beverage alcohol markets. Constellation Brands' historically strong cash generation, which results from a diverse portfolio of consumer brands, somewhat offsets it highly leveraged financial profile. Constellation Brands is a leading international producer and marketer of beverage alcohol. It is the largest wine company in the world and the largest multicategory supplier of beverage alcohol (wine, spirits, and imported beer through its Crown Imports LLC joint venture) in the U.S. The company
