Report title: Six-Month Update - U.S. Tobacco Remains Stable As Volume Declines Persist
from Moody's Global Credit Research
19 page (6949 word) report published Aug 30, 2009

Price $550.00 available for immediate download
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About Moody's Global Credit Research

...Moody's outlook for the U.S. Tobacco industry is stable. This Outlook expresses our expectations for the fundamental credit conditions in the industry over the next 12 to 18 months. We expect cigarette sales volumes to drop 8% to 9% in 2009, due mostly to an increase in the federal excise tax. The volume decline should narrow to 3% to 4% in 2010, closer to the secular trend of recent years. Price increases and cost cuts will preserve tobacco's high profit margins and strong cash flow. Biggest risk is that consumers will become more sensitive to higher prices. Solid liquidity and more conservative financial policies support current ratings. New FDA regulation could benefit dominant players 2 ...

Report Type: Industry Outlook
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