Altria Group Inc.'s Proposed Senior Unsecured Notes Rated 'BBB'

CHICAGO (S&P Global Ratings) Oct. 30, 2023--S&P Global Ratings said today that it assigned its 'BBB' rating to Richmond, Va.-based Altria Group Inc.'s proposed senior unsecured notes (final amounts and maturities to be determined), which will be drawn from its shelf registration statement filed Oct. 26, 2023. We expect Altria will use the net proceeds from the issuance for general corporate purposes, including potentially repaying its $1.4 billion 4% notes due January 2024 ($776 million outstanding) and $1 billion 3.8% notes due February 2024 ($345 million outstanding). Altria may temporarily invest the net proceeds in short-term interest bearing assets. Altria's primary operating subsidiary, Philip Morris USA Inc., which accounts for the majority of the group's profitability, will guarantee the proposed

...October 30, 2023 CHICAGO (S&P Global Ratings) Oct. 30, 2023--S&P Global Ratings said today that it assigned its '###' rating to Richmond, Va.-based Altria Group Inc.'s proposed senior unsecured notes (final amounts and maturities to be determined), which will be drawn from its shelf registration statement filed Oct. 26, 2023. We expect Altria will use the net proceeds from the issuance for general corporate purposes, including potentially repaying its $1.4 billion 4% notes due January 2024 ($776 million outstanding) and $1 billion 3.8% notes due February 2024 ($345 million outstanding). Altria may temporarily invest the net proceeds in short-term interest bearing assets. Altria's primary operating subsidiary, Philip Morris USA Inc., which accounts for the majority of the group's profitability, will guarantee the proposed notes. We anticipate the proposed transaction will have no material impact on Altria's credit metrics. For the 12 months ended Sept. 30, 2023, we estimate S&P Global Ratings-adjusted...

Ratings Action