We continue to project significant EBITDA expansion from Constellation Brands Inc.'s beer portfolio and recent acquisitions, and expect the company to sustain debt to EBITDA near or below 3.5x after reducing leverage to this level on a trailing-12-month basis. In addition, the company recently formalized its strategic and financial objectives, including targeting a debt-to-EBTIDA ratio of 3.5x, while continuing to invest in growth opportunities and making shareholder distributions (primarily dividends). We are raising the corporate credit rating to 'BBB-' and raising the senior secured and senior unsecured debt issue ratings to 'BBB-'. At the same time, we are affirming the 'BBB-' ratings on the company's European secured debt issued by CIH International S.A.R.L and CIH Holdings S.A.R.L. The outlook is
