S&P rates Constellation Brands notes BBB

S&P said it assigned its BBB issue-level rating to Constellation Brands Inc.'s proposed senior unsecured notes (final amounts and maturities to be determined).

“We view this transaction as neutral for leverage. The company intends to use the proceeds from these notes to redeem its outstanding 2.25% senior notes due 2020 in full (including a make-whole of about $6 million) and for general corporate purposes,” the agency said in a press release.

The outlook is negative.

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