NEW YORK (Standard&Poor's) March 13, 2003--Standard&Poor's Ratings Services said today that it assigned its 'BB' rating to beverage alcohol producer Constellation Brands Inc.'s proposed $1.6 billion senior secured credit facilities and its $450 million senior unsecured bridge loan. Proceeds of these will be used to finance the company's recently announced acquisition of Australian wine producer BRL Hardy for $1.4 billion (including the assumption of debt). At the same time, Standard&Poor's affirmed its 'BB' corporate credit and senior unsecured debt ratings on Constellation Brands, as well as the 'B+' subordinated debt rating on the company. Ratings for the bank facilities are based on preliminary documentation and subject to review once final documentation is received. The
