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 and is the largest multicategory (wine, spirits, and imported beer) supplier of beverage alcohol in the U.S. The company also is a leading producer and exporter of wine from Australia and New Zealand; both a major producer and independent drinks wholesaler in the U.K.; and the largest producer and marketer of wine
