Fitch affirms Altria, may up PMI

Fitch Ratings said it affirmed Altria Group, Inc's., ratings and placed Philip Morris International's BBB+ credit facility rating on Rating Watch positive following the board's announcement that it is considering a spin-off of PMI.

Altria Group has a long-term issuer default rating at BBB+, senior unsecured debt at BBB+, credit facility at BBB+ and short-term issuer default rating at F2.

The outlook is stable.

Altria's affirmations are due to the sustained high profitability of its domestic and international tobacco businesses resulting in substantial cash flow and liquidity, the agency said.

Altria's total debt-to-operating EBITDA ratio was 0.6 times for the year ended Dec. 31, 2006, assuming Kraft was divested at the beginning of the year, Fitch said.

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