...+ U.S. alcoholic beverage producer Constellation Brands Inc. continues to grow sales and operating income in line with expectations, with above-industry-average growth rates likely to continue in its beer portfolio. + Although capital expenditures (capex) will remain elevated in the near term, we expect free cash flows to exceed $1 billion within the next two years while debt to EBITDA should remain near the company's publicly stated target of 3.5x. + We are raising all ratings on Constellation, including the corporate credit rating to '###' and the short-term and commercial paper rating to 'A-2'. + The stable outlook on Constellation reflects our opinion it will continue to generate strong sales and earnings growth because of the strength of its brands and marketing capabilities while managing the mix between its growth capex, bolt-on acquisitions, and shareholder returns to sustain debt to EBITDA near its 3.5x target....
