...NEW YORK (S&P Global Ratings) Oct. 22, 2018--S&P Global Ratings today assigned its '###' issue-level rating to Constellation Brands Inc.'s proposed senior unsecured notes (amounts and maturity dates to be finalized at transaction closing). At the same time, we assigned our '###' issue-level rating to the company's $500 million three-year senior unsecured term loan and $1 billion five-year senior unsecured term loan. Constellation expects to use net proceeds to repay upcoming debt maturities from the notes to fund a portion of its pending $4 billion acquisition of a near 40% stake in Canopy Growth Corp. Constellation is a leading U.S. alcoholic beverage company with a diverse product portfolio. It benefits from good brand strength across its product categories, leading market shares despite some regional concentration, favorable growth prospects, and strong margins. The company is also acquisitive and has high capital expenditure requirements that are starting to decline to ensure production...
