The ratings on Richmond, Va.-based Altria Group Inc. reflect the company's exposure to U.S. tobacco litigation and regulatory risk, and its participation in the highly competitive and declining U.S. cigarette market. Standard&Poor's Ratings Services consider the company's business risk profile to be satisfactory, as Altria benefits from its leading market position in the U.S. cigarette industry, its leading position in the growing smokeless tobacco category following the acquisition of UST Inc., and its good market position within the machine-made large cigar business through its Middleton subsidiary. Altria's leading brands (including Marlboro, Copenhagen, Skoal, and Black&Mild) also have high brand equity. We view the company's financial risk profile to be intermediate, reflective of its moderate financial policy,
