Altria Group Inc.'s Proposed U.S. Dollar-Denominated Notes Rated 'BBB'

CHICAGO (S&P Global Ratings) Feb. 12, 2019--S&P Global Ratings said today that it assigned its 'BBB' issue-level rating to Altria Group Inc.'s proposed senior unsecured U.S. dollar-denominated notes. The Richmond, Va.-based tobacco group will draw from its shelf registration statement filed Oct. 26, 2017. We expect Altria will use a portion of the net proceeds from the notes offerings to prepay outstanding borrowings under its bridge term loan used to finance the company's investment in JUUL Labs Inc., with the remainder used to fund the company's investment in Cronos Group Inc. and for general corporate purposes. 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

...CHICAGO (S&P Global Ratings) Feb. 12, 2019--S&P Global Ratings said today that it assigned its '###' issue-level rating to Altria Group Inc.'s proposed senior unsecured U.S. dollar-denominated notes. The Richmond, Va.-based tobacco group will draw from its shelf registration statement filed Oct. 26, 2017. We expect Altria will use a portion of the net proceeds from the notes offerings to prepay outstanding borrowings under its bridge term loan used to finance the company's investment in JUUL Labs Inc., with the remainder used to fund the company's investment in Cronos Group Inc. and for general corporate purposes. 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...

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