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BULLETIN: Japan Tobacco to Cut Marlboro Brand
Standard & Poors
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
TOKYO (Standard & Poor's) Aug. 6, 2003--Standard & Poor's Ratings Services said today that the decision by Japan Tobacco Inc. (AA-/Stable/--) not to renew a key licensing agreement with Philip Morris would have only a minor impact on the credit quality of the company. Japan Tobacco today announced that it would not renew a licensing agreement to manufacture and sell the Marlboro brand after its expiration at the end of April 2005. According to Japan Tobacco's new management plan, which extends through fiscal 2005, the company expects EBITDA to decline by -135 billion in fiscal 2005 from fiscal 2002 due to the expiration of the license agreement and a decrease in tobacco demand in Japan. The company intends to offset...
Companies mentioned in this report are: Japan Tobacco Inc.,Philip Morris Capital Corp.
Action: S&P Event
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