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 is a leading international producer and marketer of beverage alcohol. It is the largest wine company in the world and the largest multicategory supplier of beverage alcohol (wine, spirits, and imported beer through its Crown Imports LLC joint venture) in the U.S. The company also is a leading producer and exporter of wine from Australia, New Zealand, and Canada; and both a major producer and independent
