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Moody's: Lorillard notes Baa2
Moody's Investors Service said it assigned a Baa2 senior unsecured rating to Lorillard Tobacco Co.'s proposed offering of $500 million senior unsecured notes, which will be guaranteed by Lorillard, Inc.
The agency said it also assigned a (P)Baa2 rating to the company's senior unsecured shelf registration. Lorillard will use net proceeds of this offering for general corporate purposes, which may include, among other things, the repurchase of common stock.
The outlook is stable.
Moody's said Lorillard's Baa2 ratings balance the strong, predictable and highly profitable cash flows and considerable franchise value against the still unpredictable U.S. litigation environment and the limited geographic and product diversification of the company.
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