The stable outlook reflects S&P Global Ratings' view that despite secular volume declines in its core business, Altria will continue to generate modest profit growth through price increases. It also incorporates our view that returns from Altria's growth investments will be minimal in the near term and that the company will return the majority of free cash flow to shareholders. This will result in the company maintaining existing credit metrics, including debt to EBITDA in the high-2x area. We could lower the ratings if we reassess our view of Altria's business risk, possibly because of further disruptive actions by the FDA or significantly accelerating cigarette volume declines that will lead to meaningful profit deterioration at its legacy tobacco business. We
