The stable outlook reflects S&P Global Ratings' view that despite long-term uncertainties, Altria's core tobacco business will continue to generate modest profit growth through price increases and savings from its cost reduction initiatives. It also incorporates our view that returns from JUUL, Cronos and iQOS will be minimal in the near term and that Altria will return the majority of free cash flow to shareholders. This will result in the company sustaining existing credit metrics, including debt to EBITDA in the high-2x area. We could raise the ratings if Altria demonstrates a commitment to deleveraging, and if debt to EBITDA improves and stays in the mid-2x area. This would be predicated on our view that the company is unlikely to
