Product diversification; Strong cash flow; and An international presence. Acquisition risk; High debt levels; and The competitive nature of the alcoholic beverage industry. Our 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 benefits from its historically strong cash generation, from a diverse portfolio of consumer brands, and ongoing debt reduction efforts. 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 is
