U.S. tobacco industry leader with significant pricing power, market share, and brand equity across multiple product categories. Solid profitability and strong, predictable cash flow. Experienced management team. Limited exposure to potential unfavorable menthol cigarette regulatory developments. Subject to meaningful litigation. Majority of profits derived from the U.S. cigarette market, which is in secular decline. Evolving regulatory environment. Moderate financial policy, notwithstanding high shareholder payments. SABMiller PLC equity stake potentially provides financial flexibility. The outlook on Altria Group Inc. is stable. Standard&Poor's Ratings Services expect Altria's profitability and cash flow to remain strong based on its solid pricing power, the better demand environment (partly due to lower gas prices), and the absence of tobacco grower payments, which ceased at
