...July 21, 2021 NEW YORK (S&P Global Ratings) July 21, 2021--S&P Global Ratings today assigned its '###' issue-level rating to Constellation Brands Inc.'s proposed senior unsecured notes (final amounts to be determined). We view this transaction as neutral for leverage. The company intends to use the proceeds from these notes to redeem its $500 million 2.70% senior notes due 2022 in full (including a make-whole of about $8 million) and for general corporate purposes, which may include the repayment of near-term maturities. Constellation Brands produces, imports, and markets branded beer, wine, and spirits with production in the U.S., Mexico, New Zealand, and Italy. Key brands include Corona, Robert Mondavi, and Svedka Vodka. Constellation's beer portfolio benefits from its strong premium brands such as Corona, Corona Light, and Modelo, and its position in the fastest expanding segment of the U.S. beer market, premium imports. We expect the company's portfolio of premium imports in the U.S....
