NY -- Standard&Poor's CreditWire 9/10/96 -- Standard&Poor's today has revised its outlook on Canandaigua Wine Co. Inc. to negative from stable, following the announcement that the company expects to report a significant fiscal 1997 profit decline stemming from increased grape costs and operational inefficiencies in its important wine division. Additionally, Standard&Poor's has affirmed its single-`B'-plus rating on the company's senior subordinated notes. The corporate credit rating is double-`B'. The amount of rated debt outstanding is $130 million. Canandaigua is uncertain whether it will be able to recover substantially higher grape costs from the 1996 harvest through further price increases and growth in wine volumes has already declined. Moreover, the company recently announced problems relating
