...May 4, 2020 CHICAGO (S&P Global Ratings) May 4, 2020--S&P Global Ratings today assigned its '###' issue-level rating to Altria Group Inc.'s proposed senior unsecured notes. The Richmond, Va.-based tobacco group will draw the notes from its shelf registration statement filed Oct. 26, 2017. We expect Altria will use the net proceeds from the note offering for general corporate purposes, which may include repaying amounts outstanding under its fully drawn $3 billion revolver (not rated). 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 profitability and free cash flow, and a good track record of managing litigation and regulatory risks. Tobacco sales were solid in the first quarter, as Altria...
