...April 23, 2020 NEW YORK (S&P Global Ratings) April 23, 2020--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 is also renewing its shelf registration. We view this transaction as neutral for leverage. The company intends to use the proceeds from these notes to redeem its outstanding 2.25% senior notes due 2020 in full (including a make-whole of about $6 million) and for general corporate purposes. Our negative outlook on Constellation reflects the risk that extended economic stress on operating performance could result in a downgrade due to prolonged credit measure deterioration. We believe Constellation's beer portfolio will continue to benefit from strong demand for its brands. However, the company's beer sales are about 15% indexed to on-trade demand, which will face substantial near-term deterioration that is unlikely to be entirely offset by a pick-up...
