Moody’s rates Constellation notes Baa3

Moody’s Investors Service said it rated Constellation Brands Inc.’s planned senior unsecured notes Baa3.

The issuer will use the proceeds for general corporate purposes including repaying a portion of the unrated, delayed-draw term loan due in 2025 that was used to help fund the $1.5 billion consideration related to the conversion of the super-voting class B common stock to class A common stock.

“The company's Baa3 senior unsecured ratings and stable rating outlook are not affected because the refinancing is leverage neutral and extends the maturity of a portion of its debt,” Moody’s said in a statement.

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