Standard&Poor's Ratings Services' ratings on Victor, N.Y.-based Constellation Brands Inc. reflect our assessment of the company's business risk profile as "satisfactory" and financial risk profile as "significant". Key credit factors in our business risk assessment include the company's portfolio of well-known beverage alcohol brands and historically strong cash generation in the highly competitive beverage alcohol markets, yet relatively narrow geographic focus. Our assessment of Constellation Brands' business risk profile--assuming 100% ownership of Crown Imports LLC--remains "satisfactory." (Crown is a leading marketer of imported beer in the U.S., primarily Modelo beer brands. Constellation Brands currently owns 50% of Crown, a 50-50 joint venture with Grupo Modelo S.A.B. de C.V. In June 2012 Constellation Brands signed a definitive agreement with
