The ratings on Constellation Brands Inc. reflect its leveraged financial profile, acquisitive growth strategy, and participation in the highly competitive beverage alcohol markets. Constellation Brands' highly leveraged financial profile is somewhat offset by its historically strong cash generation from a diverse portfolio of consumer brands. Fairport, N.Y.-based Constellation Brands has the largest wine business in the world. It 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 also is the number-one supplier of wine and the number-two producer of cider in the U.K., a leading beverage alcohol wholesaler in the U.K., and the largest wine producer by volume in Australia. However, the company's acquisition strategy has
