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Altria Group Inc.'s $1.5B 4.75% Notes Assigned 'BBB' Rating
Standard & Poors, May 2011
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
Abstract
NEW YORK (Standard & Poor's) May 3, 2011--Standard & Poor's Ratings Services said today that it assigned its 'BBB' senior unsecured debt rating on Richmond, Va.-based Altria Group Inc.'s $1.5 billion 4.75% senior unsecured notes maturing in May 2021. Altria issued the notes under the company's existing Rule 415 shelf registration, and the notes are fully and unconditionally guaranteed by Philip Morris USA Inc., a wholly owned subsidiary of Altria. Standard & Poor's expects Altria to use net proceeds from the issuance for general corporate purposes, including the funding of share repurchases. We expect the company will continue to maintain credit protection measures at or close to current levels in 2011, including leverage in the 2x area. Related Research &...
Companies mentioned in this report are: Altria Group Inc.
Action: New Rating
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