The COVID-19 pandemic impact on consumer spending is spreading to the U.S. and other key markets where Constellation Brands Inc. operates. We assume performance will be somewhat hindered by lower revenues in the on-premise market. However, visibility is limited as the situation evolves rapidly. We are revising our outlook to negative from stable and affirming our 'BBB' long-term issuer credit rating on U.S.-based Constellation. The negative outlook reflects the risk that extended economic stress on operating performance could result in a downgrade due to prolonged credit measure deterioration. We assume Constellation will receive proceeds from its initial wine divesture to E&J Gallo in the first fiscal 2021 quarter of about $850 million and another $130 million from the divesture of
