...CHICAGO (S&P Global Ratings) Feb. 11, 2019--S&P Global Ratings said today that it assigned its '###' issue level rating to Altria Group Inc.'s proposed senior unsecured Euro-denominated notes. The Richmond, Va.-based tobacco group will draw from its shelf registration statement filed Oct. 26, 2017. We expect Altria will use the net proceeds from the note offerings to prepay outstanding borrowings under its bridge term loan, which was used to finance the company's investment in JUUL Labs Inc. Altria's primary operating subsidiary, Philip Morris USA Inc., which accounts for the majority of group profitability, will guarantee the proposed notes. The transaction does not meaningfully impact credit metrics. All of our existing ratings on the company, including our '###' issuer credit rating, are unchanged. The outlook is stable. Our ratings on Altria reflect the company's dominant position in the U.S. tobacco industry with significant pricing power, market share, and brand equity; its strong...
