On Jan. 14, 2009, Standard&Poor's Ratings Services revised its outlook on Constellation Brands Inc. to positive from stable. At the same time, we affirmed our ratings on Constellation Brands, including the 'BB-' corporate credit rating. The outlook revision reflects Constellation Brands' good operating performance and improved credit measures, as well as the expectation that the company will be able to maintain its improved financial profile, despite current weak economic conditions, which could further slow overall demand for premium alcoholic beverages. As of Nov. 30, 2008, Fairport, N.Y.–based Constellation Brands Inc. had about $4.8 billion of debt. As of Nov. 30, 2008, the company had reduced debt by $476 million (including the benefit of changes in foreign currency exchange
