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Moody's might downgrade Lorillard
Moody's Investors Service said it placed Lorillard Tobacco Co.'s Baa2 senior debt ratings under review for downgrade following its announcement that it signed a definitive agreement to be acquired by Reynolds American, Inc. for about $27.4 billion, including the assumption of net debt.
The review reflects Moody's uncertainty regarding Lorillard's pro forma capital structure and the likelihood of a meaningful increase in leverage for the combined company.
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