Ratings reflect Constellation Brands Inc.'s strong cash generation from a diverse portfolio of beverage alcohol products, offset, in part, by the competitive nature of the company's markets and its leveraged financial profile resulting from its acquisitive growth strategy. The Fairport, N.Y.-based company is the second-largest U.S. supplier of wines, second-largest U.S. importer of beer, fourth-largest U.S. supplier of distilled spirits, second-largest U.K. producer of cider, and a leading U.K. beverage alcohol wholesaler. Constellation Brands recently announced its intention to purchase Ravenswood Winery Inc., a leading California premium wine producer. Constellation made over $1.3 billion of mostly debt-financed acquisitions from November 1998 through March 2001, including Matthew Clark plc, selected Canadian whiskey brands from Diageo Inc., Franciscan Estates, Simi Winery, and
