The 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 made more than $1.4 billion of mostly debt-financed acquisitions between November 1998 and April 2001, including Matthew Clark PLC, selected Canadian whiskey brands from Diageo Inc., Franciscan Estates, Simi Winery, and, most recently, Ravenswood Winery Inc. and the assets of Turner Road Vintners and Corus Brands
