Moody's rates Lorillard notes Baa2

Moody's Investors Service said it assigned a Baa2 senior unsecured rating to Lorillard Tobacco Co. and a Baa2 senior unsecured rating to its proposed $750 million senior notes offering, which will be guaranteed by Lorillard, Inc.

The outlook is stable.

Lorillard's Baa2 ratings reflect strong, predictable and highly profitable cash flows and considerable franchise value, the agency said, offset by the unpredictable U.S. litigation environment and its limited geographic and product diversification.

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