S&P assigns BBB+ to Altria notes

Standard & Poor’s said it assigned its BBB+ issue rating to Altria Group Inc.’s proposed $1 billion senior unsecured notes due 2020.

The notes are fully and unconditionally guaranteed by Philip Morris USA Inc., a wholly owned subsidiary of Altria.

The BBB+/A-2 corporate credit rating on Altria remains unchanged, as does the stable outlook.

S&P said Altria’s “satisfactory” business risk profile reflects its solid market position derived from owning a portfolio of high equity tobacco brands, solid profits, and consistent free cash flow generation. Key risk factors include the ongoing secular decline in cigarette volumes in the United States and significant litigation and regulatory risk.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.