NY -- Standard&Poor's CreditWire 5/7/96 -- Standard&Poor's today has affirmed its single-`B'-plus rating on Canandaigua Wine Co.'s senior subordinated notes, following the announcement that the company expects to report an 84% drop in earnings for the six-month transition period ended Feb. 29, 1996 due to a combination of factors including a $13 million nonrecurring charge, higher advertising and promotion expenses, and higher raw material costs. The outlook is stable. The corporate credit rating is double-`B'. The amount of rated debt outstanding is $130 million. The affirmation reflects the company's ongoing volume gains and strong cash generating ability partially offset by increased grape costs and accounting adjustments related to a change in its fiscal year-end. Canandaigua continues
