...January 30, 2023 NEW YORK (S&P Global Ratings) Jan 30, 2023--S&P Global Ratings today assigned its '###' issue-level rating to Constellation Brands Inc.'s proposed senior unsecured notes (final amounts and maturities to be determined, with an expected three-year maturity and permissible prepayments at par value after the first year). We view this transaction as leverage neutral after debt to EBITDA increased to 3.5x as of the 12 months ended Nov. 30, 2022, compared with 3.2x in the comparable prior-year period following a $1 billion three-year term loan issuance during its third fiscal quarter. The net proceeds from the term loan were used to partially fund a $1.5 billion payment to class B shareholders pursuant to which their holdings were reclassified as class A shares. The company intends to use the net proceeds of this issuance for general corporate purposes, including the repayment of a portion of the three-year term loan. The '###' issuer credit rating with a stable outlook is unchanged....
