...NEW YORK (Standard & Poor's) Oct. 20, 2014--Standard & Poor's Ratings Services said today that it assigned its '##+' senior unsecured debt rating and '3' recovery rating to Constellation Brands Inc.'s proposed $800 million senior unsecured notes consisting of a five-year and 10-year tranches (actual amounts and maturity dates to be finalized at the close of the transaction). The '3' recovery rating indicates our expectation for meaningful (50%-70%) recovery in the event of a payment default. Recovery ratings on unsecured debt issued by companies rated '##-' or higher are generally capped at '3' to account for the greater risk of recovery prospects being impaired from expected incremental debt issuance prior to default. The company will issue the notes under its new shelf. We expect the company to use net proceeds of this offering to redeem its $500 million senior notes due Dec. 15, 2014, and for general corporate purposes. The ratings on Constellation Brands reflect our assessment of the...
