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S&P affirms Constellation Brands; outlook stable
Standard & Poor's said it affirmed its BB+ corporate credit and senior unsecured debt ratings on Constellation Brands.
The outlook is stable.
S&P said the rating affirmation follows Constellation Brands' announcement that it has signed a definitive agreement with Anheuser-Busch InBev (ABI) to purchase the remaining 50% interest in Crown Imports LLC for $1.85 billion (representing about 8.5x multiple of 50% of Crown's EBIT) when ABI completes its proposed acquisition of Grupo Modelo SAB de CV. Constellation Brands currently owns 50% of Crown, a 50-50 joint venture with Grupo Modelo.
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