Fitch Rates Altria's $1.5B Senior Unsecured Note Offering 'BBB'.Business Editors CHICAGO--(BUSINESS WIRE)--Oct. 31, 2003 Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. has assigned a 'BBB' rating to Altria Group “Philip Morris” redirects here. For the racecar driver, see Philip Morris (autoracer). Altria Group, Inc. (NYSE: MO) (previously named Philip Morris Companies Inc. , Inc.'s (Altria) $1.5 billion senior unsecured notes offering. Proceeds from the offering will be used to refinance Refinance 1. When a business or person revises their payment schedule for repaying debt. 2. Replacing an older loan with a new loan offering better terms. Notes: When a business refinances they typically extend the maturity date. bank debt. The notes were issued in two tranches: $500 million 5.625% maturing Nov. 4, 2008 and $1 billion 7% maturing Nov. 4, 2013. Fitch rates Altria's senior unsecured debt Unsecured debt Debt that does not identify specific assets that the debtholder is entitled to in case of default. 'BBB' and commercial paper 'F2'. The Rating Outlook is Stable. Fitch affirmed Altria's ratings on Sept. 19, 2003. See Fitch's 'Special Report: U.S. Tobacco Industry Update', published Oct. 22, 2003 and available on the Fitch Ratings web site at 'www.fitchratings.com'. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion