S&P rates Lorillard notes BBB-

Standard & Poor's said it assigned its BBB- senior unsecured debt rating to Lorillard Tobacco Co.'s proposed $500 million senior unsecured notes due 2023.

Lorillard plans to issue the notes under its Rule 415 shelf registration dated June 13, 2012.

Lorillard Inc. guarantees the notes.

S&P said it expects the company to use the net proceeds from the proposed offering for general corporate purposes, which may include stock repurchases.

Total debt outstanding pro forma for the proposed issuance is about $3.6 billion.

All of Lorillard's existing ratings, including the BBB- corporate credit rating, are unchanged.

The outlook is stable.

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