Gallaher Group 'BBB/A-2' Ratings Put On Watch Positive Re Announced Takeover By Japan Tobacco

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
LONDON (Standard & Poor's) Dec. 15, 2006--Standard & Poor's Ratings Services said today it placed its 'BBB' long-term and 'A-2' short-term corporate credit ratings on U.K.-based international tobacco products manufacturer Gallaher Group PLC on CreditWatch with positive implications. This follows the announcement by Japan Tobacco Inc. (JT; AA-/Watch Neg/--) of a recommended cash offer for Gallaher's entire share capital. Should the mostly debt-financed transaction be completed, the resulting group is expected to sustain a more conservative financial profile than Gallaher's current stand-alone position. "The transaction should improve Gallaher's business profile through integration within a more internationally diverse business with complementary brands and market positions," said Standard & Poor's credit analyst Vincent Allilaire. Standard & Poor's aims to resolve the CreditWatch...

Companies mentioned in this report are: Gallaher Group PLC,Japan Tobacco Inc.
Action: On CreditWatch:Positive

Gallaher Group PLC,Japan Tobacco Inc.

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