S&P Rates Constellation Brands' Proposed $650 Mil. Notes 'BB+

Standard & Poor's Ratings Services assigned its 'BB+' issue-level and '3' recovery ratings to Constellation Brands Inc.'s STZ proposed $650 million senior unsecured notes due 2023. The '3' recovery rating indicates our expectation of meaningful recovery (50%-70%) in the event of payment default. The notes will be issued under the company's Rule 415 shelf registration. Constellation Brands has indicated that it plans to use the net proceeds from this offering to partially pre-fund its pending acquisition of the remaining 50% interest in Crown Imports LLC (not rated).