Fitch Ratings said Friday that it affirmed tobacco company Altria Group, Inc.'s (MO) Issuer Default Rating at 'BBB+.' The Rating Outlook is Stable.
The rating agency also affirmed Issuer Default Rating of Philip Morris Capital Corp., a wholly owned subsidiary of Altria, at 'BBB+.'
These rating actions affect about $12 billion of debt outstanding at Dec. 31, 2009.
Fitch said the affirmation of Altria's ratings reflect the company's continued ability to generate substantial cash flow from operations due to high operating margins, significant liquidity, and leading market share position in the U.S. tobacco industry. The ratings further consider Altria's shareholder-friendly high dividend payout ratio - recently increased to 80%.
While Altria is heavily reliant upon cigarette sales, the company's ratings are supported by its diversification of operations within the tobacco space and the company's large stake in SABMiller plc, one of the world's largest brewers, the rating agency noted.
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