Constellation Brands Inc. recently raised an additional $700 million in senior secured euro term debt. We continue to project significant EBITDA expansion from beer volume growth and recent acquisitions, expect the company will steadily reduce leverage well below 4x over the next several quarters, and believe future acquisition are not likely to lead to leverage much higher than 4x. We are affirming our 'BB+' corporate credit rating on Constellation Brands and revising the outlook to positive. We are upgrading the existing senior secured euro term loan A and rating the company's new $700 million euro term loan A-1. The positive outlook reflects our opinion that ongoing EBITDA growth could permit the company to operate within a narrower leverage range while
