NEW YORK (Standard&Poor's) April 30, 2013--Standard&Poor's Ratings Services today assigned its issue-level and recovery ratings to Victor, N.Y.-based Constellation Brands Inc.'s proposed $3.8 billion secured credit facilities and its proposed $1.55 billion of new senior unsecured notes, the latter of which is expected to comprise an eight- and ten-year tranche (actual amounts and maturity dates to be finalized at the close of the transaction). We assigned a 'BB+' issue level rating to both the bank debt and new senior unsecured notes, and assigned a recovery rating of '3' (indicating our expectation of meaningful [50% to 70%] recovery in the event of a payment default). The notes will be issued under the company's Rule 415 shelf registration.
