We expect U.S.–based Constellation Brands Inc.'s better-than-expected operating performance and future asset sales to lead to further deleveraging following the improvement in its pro forma debt leverage to 3.7x as of the 12 months ended Aug. 31, 2020, which compares with 4.6x for the same period the year before. We are revising our outlook on Constellation to stable from negative and affirming all of our ratings on the company, including our 'BBB' long-term issuer credit rating. The stable outlook reflects our expectation that the company will sustain its lower leverage and maintain financial policies consistent with the current rating. Management is committed to managing its shareholder returns to manage leverage at levels consistent with our expectations. In the second fiscal
