On April 27, 2006, Standard&Poor's Ratings Services assigned its 'BB' rating to Constellation Brands Inc.'s proposed $3.5 billion senior secured credit facilities. The bank loan rating and accompanying analysis are based on preliminary documentation and subject to review once final documentation has been received. Existing ratings on the company, including its 'BB' corporate credit rating, have been affirmed. Net proceeds from the bank facilities will be used to finance the proposed Vincor International Inc. acquisition, refinance Constellation Brands' existing bank term debt, and provide for working capital and other general corporate purposes. Ratings on the company's $2.9 billion of existing bank facilities will be withdrawn upon closing of the new facility. Pro forma for the transaction, Fairport, N.Y.-based
