The ratings on Constellation Brands Inc. reflect the company's "satisfactory" business risk profile and "significant" financial risk profile. Key credit factors we considered in our business risk assessment include the company's diverse portfolio of consumer brands and historically strong cash generation in the highly competitive beverage alcohol markets, yet relatively narrow business and geographic focus. Our financial risk profile incorporates Constellation Brands' moderate financial policy, "adequate" liquidity, and key credit measures that we believe will remain within or near indicative ratio ranges for a significant financial profile. According to Constellation Brands, it is the world's leading premium wine company, with leading positions within its primary markets of the U.S. and Canada, which are highly competitive and fragmented. We estimate wine
