Japan Tobacco Affirmed, Gallaher Upgraded To 'A+'; Ratings Off CreditWatch

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) April 19, 2007--Standard & Poor's Ratings Services today affirmed its 'A+' long-term corporate credit and senior debt ratings on Japan Tobacco Inc. (JT) following the company's completion of the acquisition of U.K.-based international tobacco products group Gallaher Group PLC. At the same time, Standard & Poor's upgraded its long-term and short term corporate credit and senior debt ratings on Gallaher to 'A+/A-1' from 'A-/A-2'. All ratings were removed from CreditWatch, where they were placed--with negative implications for JT, and positive implications for Gallaher--on Dec. 15, 2006, following JT's initial recommended cash offer for Gallaher's entire share capital. The outlook on both Gallaher and JT is stable. The affirmation of the rating on JT is based on...

Companies mentioned in this report are: Japan Tobacco Inc.,Gallaher Group PLC
Action: Affirmed
Action: Removed From CreditWatch
Action: Upgraded

Japan Tobacco Inc.,Gallaher Group PLC

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