The ratings on Fairport, N.Y.-based Constellation Brands Inc. reflect the company's acquisitive growth strategy, highly leveraged financial profile, significant debt burden, 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. Constellation Brands has the world's largest wine business. It is the second-largest U.S. supplier of wines, the largest U.S. importer of beer within its territory, and the fourth-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 independent drinks wholesaler to the on-trade in the U.K., and the largest wine producer by
