Victor, N.Y.-based Constellation Brands Inc. is proposing a commercial paper program. Management expects to use proceeds for general corporate purposes. We are assigning 'A-3' short-term corporate credit and commercial paper ratings to Constellations. Our long-term corporate credit rating on Constellation is unchanged at 'BBB-' with a stable outlook. The stable outlook reflects our expectation that the company will maintain debt to EBITDA near 3.5x while continuing to invest in its beer capacity expansion projects to ensure it can grow sales volumes to meet demand, make periodic strategic acquisitions, and fund ongoing dividend payments. On Sept. 25, 2017, S&P Global Ratings assigned its 'A-3' short-term corporate credit and commercial paper ratings to Constellation Brands Inc. Our corporate credit rating on Constellation
