S&P maintains Constellation's ratings |
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Published
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Mon, 07 May 2007 17:47
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NEW YORK (AP) - Standard & Poor's Ratings Services on Monday said the ratings and outlook of Constellation Brands Inc. would not change as a result of the company's planned accelerated share repurchase.Constellation Brands plans to repurchase 16.9 million shares of common stock for $421.1 million on Tuesday -- the remaining shares from a previously-announced $500 million buyback.The ratings services had already factored into its March 1 downgrade the expectation of a buyback. S&P said that although the company's financial profile is expected to weaken after the repurchase, 'there still remains some flexibility under Constellation Brands' current ratings for additional acquisitions, investments, and joint ventures.'Shares rose 51 cents to $22.99 in midday trading.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Constellation to acquire Cornerstone 