Fitch Ratings Aligns PMCC's CP Rtg With Philip Morris Companies Inc. 'F1'.Business Editors CHICAGO--(BUSINESS WIRE)--March 26, 2002 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. lowers the commercial paper rating of Philip Morris Capital Corporation (PMCC PMCC Product Moment Correlation Coefficient PMCC Postmark Collectors Club PMCC Professional Military Comptroller Course PMCC Packet Mode Channel Connect PMCC Project Management Core Competency PMCC Pensky-Martens Closed Cup test ) to 'F1' from 'F1+'. This action aligns PMCC rating with Philip Morris Companies Inc. PMCC parent corporation. Fitch fitch: see polecat. also assigns Individuals to whom property is, will, or may be transferred by conveyance, will, Descent and Distribution, or statute; assignees. The term assigns is often found in deeds; for example, "heirs, administrators, and assigns to denote the assignable nature of an 'A' rating to the company's senior unsecured debt Unsecured debt Debt that does not identify specific assets that the debtholder is entitled to in case of default. . PMCC Rating Outlook is Stable. PMCC had approximately $2.0 billion of debt at Dec. 31, 2001, of which approximately 25% was short-term. This rating action reflects an evolution in Fitch's perspective with respect to ratings distinctions between a parent company and its subsidiaries. Fitch has taken the position that due to the control typically exercised by a parent company over its subsidiaries and its subsidiaries' resources, timely interest payment have, at best, similar risk profiles whether they are made at the parent company or subsidiary level. As a result, today's action has equalized the ratings and the Rating Outlook of PMCC with that of Philip Morris Companies Inc. |
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