Above-industry-average growth outlook for the company's beer portfolio; Good brand strength across all product categories; and Strong market shares despite regional concentration in the U.S. Improved and sustainable debt leverage, including a target debt to EBITDA ratio of 3.5x; Significant growth capital expenditures (capex) and dividends will continue to consume the majority of the company's strong operating cash flows over our outlook horizon; and Ongoing acquisitions not likely to materially increase leverage given the company's EBITDA growth rates. The stable outlook reflects S&P Global Ratings' opinion that Constellation Brands Inc. will maintain stable credit measures, including debt to EBITDA near 3.5x, while continuing to invest in its beer capacity expansion projects to ensure it can grow sales volumes to meet
