...Altria Group Inc.'s `A¡' rating reflects its industry-leading position in the U.S. cigarette market with its Marlboro franchise and in moist smokeless tobacco (MST). Altria is a holding company that operates through various subsidiaries. Altria's business profile is constrained by limited geographic diversification, given its reliance on the U.S. market. Altria is also well-positioned in next generation tobacco products through its licensing agreement with Philip Morris International (PMI). Fitch Ratings expects Altria to maintain financial discipline with a consistent capital allocation policy that is supported by expectations for continued strong operational performance and financial leverage in the mid-1x range over the rating horizon....
