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; still 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 past 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 multi-category supplier of beverage alcohol (wine, spirits, and imported beer, through its Crown Imports LLC joint venture) in the U.S. The company also is
