On Dec. 9, 2005, Standard&Poor's Ratings Services affirmed its 'BB' corporate credit rating and other ratings on beverage alcohol producer and distributor Constellation Brands Inc. These ratings were removed from CreditWatch with negative implications, where they were placed on Sept. 28, 2005, following the company's announcement that it had made an initial unsolicited offer to buy Vincor International Inc. (unrated) for C$31.00 per share, plus the assumption of debt, which represented an all cash transaction value of C$1.4 billion (about $1.2 billion). In addition, the rating on the company's proposed $4.1 billion senior secured credit facility has been withdrawn. The outlook is negative. Fairport, N.Y.-based Constellation Brands had about $3 billion of debt outstanding at Aug. 31, 2005.
