Brand diversification; Strong cash flow; and Some international diversification. High debt levels; Working capital intensive; and Competitive nature of the consolidating alcoholic beverage industry. Our ratings on Victor, N.Y.-based Constellation Brands Inc. reflect the company's leveraged financial profile, significant, yet declining, 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 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 also is
