...NEW YORK (S&P Global Ratings) July 24, 2019--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). The company intends to use the proceeds from these notes to redeem its outstanding 3.875% senior notes due 2019 in full (including a make-whole of about $1.1 million) and for general corporate purposes. Constellation is a leading U.S. alcoholic beverage company with a diverse product portfolio. It benefits from good brand strength across all of its product categories, leading market shares (despite some regional concentrations), favorable growth prospects, and strong margins. The company is also acquisitive and has high (albeit declining) capital expenditure requirements to ensure that its production capacity is sufficient to meet ongoing demand growth, particularly for its flagship Corona imports, which continue to grow at a faster rate than the rest of the beer market....
