The ratings reflect Constellation Brands' 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, third-largest U.S. supplier of distilled spirits, second-largest U.K. producer of cider, and a leading U.K. beverage alcohol wholesaler. Constellation made almost $1.5 billion of mostly debt-financed acquisitions and joint ventures between November 1998 and October 2001, including Matthew Clark PLC, selected Canadian whisky brands from Diageo Inc., Franciscan Estates, Simi Winery, Ravenswood Winery Inc., the assets of Turner Road Vintners and Corus Brands Inc., and a
