Fitch rates Constellation notes BB-

Fitch Ratings said it assigned a BB- rating to Constellation Brands, Inc.'s $500 million 8 3/8% senior unsecured note due Dec. 15, 2014.

The outlook is negative.

Proceeds will be used to fund the purchase price of Beam Wine Estates, Inc, a subsidiary of Fortune Brands, Inc.

Fitch said the rating reflects the company's leading market share in most of the major wine markets around the globe and a diversified alcoholic beverage portfolio.

The rating also considers the issuer's willingness to operate at higher leverage levels and its appetite for acquisitions, the agency said.

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