The ratings on Constellation Brands Inc. reflect its strong cash generation from a diverse portfolio of beverage alcohol products, offset in part by the competitive nature of the company's markets and a leveraged financial profile reflecting an acquisitive growth strategy. Constellation Brands has the largest wine business in the world and is the second-largest U.S. supplier of wines, the third-largest U.S. importer of beer, and the third-largest U.S. supplier of distilled spirits. The company is also the No. 1 supplier of wine and the No. 2 producer of cider in the U.K., a leading beverage alcohol wholesaler in the U.K., and the largest wine producer in Australia. Standard&Poor's Ratings Services believes the April 2003 acquisition of Australian wine
