On April 26, 2004, Standard&Poor's Ratings Services revised its ratings outlook for beverage alcohol producer and distributor Constellation Brands Inc. to stable from negative. The outlook revision reflects the company's continued deleveraging and its improvement in credit measures after its April 2003 debt-financed acquisition of Australian wine producer BRL Hardy Ltd. (Hardy). At the same time, Standard&Poor's has affirmed its 'BB' corporate credit and senior unsecured debt ratings on Constellation Brands, as well as its 'B+' subordinated debt and 'B' preferred stock ratings on the company. About $2 billion of total debt was outstanding at Feb. 29, 2004. The ratings on Fairport, N.Y.-based Constellation Brands Inc. reflect its strong cash generation from a diverse portfolio of
