On March 1, 2007, Standard&Poor's Ratings Services lowered its ratings on Fairport, N.Y.-based Constellation Brands Inc., including its corporate credit and bank loan ratings to 'BB-' from 'BB'. The outlook is stable. The rating actions follow Constellation Brands' announcement that the company's Board of Directors has authorized the repurchase of up to $500 million of its common stock, and reflects our opinion that the company will continue to maintain a highly leveraged capital structure over the near to intermediate term. As of Nov. 30, 2006, Constellation had about $4 billion in total reported debt outstanding. In February 2007, the company announced that it reached an agreement to acquire the SVEDKA Vodka brand and related business for $384 million,
