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Fitch rates Altria notes BBB+
Fitch Ratings said it assigned a BBB+ to Altria Group, Inc.'s senior unsecured notes issuances.
The notes were issued in two tranches: $350 million 2.95% due May 2, 2023, and $650 million 4.5% due May 2, 2043.
The outlook is stable.
As of March 31, Altria had $13.9 billion of total debt.
The notes will be guaranteed by Philip Morris USA Inc.
Fitch said Altria's ratings are supported by the company's commanding market share positions in the U.S. tobacco industry.
The company's Philip Morris subsidiary has held about 50% share of the total cigarette market for several years while its Marlboro brand currently has an estimated 43.6% market share. Altria's U.S. Smokeless Tobacco Co. and Philip Morris smokeless tobacco products have roughly a 55% share of the smokeless market, driven by the two large brands of Copenhagen and Skoal.
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