This report does not constitute a rating action. CHICAGO (S&P Global Ratings) March 6, 2023--S&P Global Ratings today said that Altria Group Inc.?s (BBB/Stable/A-2) recent initiatives to address the gaps in its smoke-free portfolio are a step in the right direction. This includes the company's announcement earlier today that it has agreed to acquire NJOY Holdings for $2.75 billion, plus up to $500 million of contingent cash payments, subject to regulatory approval. In our view, Altria?s 100% control of NJOY, whose portfolio includes the only pod-based e-vapor product with the FDA's marketing authorization (and six of the agency?s 23 authorizations to date), is credit positive, particularly when compared with its prior minority interest in JUUL (which was denied FDA authorization
