TITLE

Fitch Downgrades $18B in Tobacco Settlement Debt

AUTHOR(S)
Finestone, Deborah
PUB. DATE
April 2003
SOURCE
Bond Buyer;4/4/2003, Vol. 344 Issue 31608, p1
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
Fitch Ratings Inc. downgraded all tobacco settlement securitizations, along with the corporate debt of Altria Group Inc., the parent company of Philip Morris USA Inc. It also placed on Ratings Watch negative the corporate debt of R.J. Reynolds Tobacco Holdings Inc. Fitch downgraded the rating on the tobacco industry, the basis for the bond ratings, to BBB-plus from A. Any further rating action on Altria is likely to result in a similar action on the tobacco securitizations, analysts said in a report. The downgrade is due to litigation against Altria's Phillip Morris USA and the $12 billion bond the company needs to post to appeal a $10 billion judgment that was made by an Illinois judge on a suit alleging the company defrauded smokers of light cigarettes.
ACCESSION #
9549495

 

Related Articles

  • Tobacco firms facing string of legal defeats. Bradford, Michael // Business Insurance;7/1/2002, Vol. 36 Issue 26, p1 

    Reports the series of legal defeats of tobacco companies for less-than honest behavior in the U.S. Punitive damages award against R.J. Reynolds Tobacco Holdings Inc.; Rate of damages against Philip Morris Cos.; Issues on insurance coverage.

  • Deal could cough up rash of cash for RJR.  // Business North Carolina;Sep2000, Vol. 20 Issue 9, p17 

    Highlights the financial transactions entered by R.J. Reynolds Tobacco Holdings Inc. following a tobacco lawsuit against the company in July 2000. Acquisition of Nabisco Holdings Corp. by Philip Morris Cos.; How R.J. Reynolds benefited from the acquisition deal.

  • Tobacco Verdict Spurs Bankruptcy Cover Talk. Lonkevich, Dan // National Underwriter / Property & Casualty Risk & Benefits Manag;04/05/99, Vol. 103 Issue 14, p2 

    Deals with the plans of RJ Reynolds Tobacco to sell its international tobacco operations to Japan Tobacco due to pressure of tobacco litigations. Considerations of buying bankruptcy insurance; Possible cost of the coverage; Information on tobacco liability case involving Philip Morris Companies.

  • S&P Downgrades RJ Reynolds Rating. Albanese, Elizabeth // Bond Buyer;7/2/2003, Vol. 345 Issue 31669, p2 

    Informs that the ratings agency Standard & Poor's Corp. lowered its corporate rating for RJ Reynolds Tobacco Holdings Inc. from BBB-minus to BB-plus. Reasons for lowering corporate rating of RJ Reynolds; Impact of Standard & Poor's decision of downgrading RJ Reynolds on other rating agencies...

  • Tobacco in the United States.  // Tobacco Industry Profile: United States;January 2003, pN.PAG 

    Presents a profile of the Tobacco industry in the United States. Executive summary of the industry; Market overview; Market value; Market segmentation; Competitive landscape; Leading companies in the industry; Market forecasts; Demographics; Further reading.

  • Tobacco Industry Profile: United States.  // Tobacco Industry Profile: United States;Dec2005, p1 

    Presents a profile of the Tobacco industry in the United States. Executive summary of the industry; Market overview; Market value; Market segmentation; Competitive landscape; Leading companies in the industry; Market forecasts; Demographics; Further reading.

  • EUROPEAN UNION.  // International Law Update;Jan2007, Vol. 13, p5 

    The article reports on the appeal of tobacco companies against the Commission of the European Communities in European Community Court of First Instance. These companies filed an appeal includes R.J. Reynolds Tobacco Holdings Inc., RJR Acquisition Corp., R.J. Reynolds Tobacco Co., R.J. Reynolds...

  • Smoker awarded $1.7 million. Fletcher, Lee // Business Insurance;03/27/2000, Vol. 34 Issue 13, p4 

    Reports on a California court jury's decision ordering Philip Morris Cos. Inc. and R.J. Reynolds Tobacco Holdings Inc. to pay compensatory damages to a former smoker dying of lung cancer. Misrepresentation by the companies of the health dangers of cigarettes; Additional lawsuits faced by the...

  • Tobacco companies in US to pay smoker $22m (13.8m Pounds). Josefson, Deborah // BMJ: British Medical Journal (International Edition);04/08/2000, Vol. 320 Issue 7240, p957 

    Reports on the order of the San Francisco Superior Court in California to Philip Morris Company and RJ Reynolds Tobacco Holdings to pay a dying former smoker in punitive damages. Significance of the decision; Finding of the jury on tobacco companies; Comment from John Sorrells, a spokesman for...

Share

Read the Article

Courtesy of THE LIBRARY OF VIRGINIA

Sorry, but this item is not currently available from your library.

Try another library?
Sign out of this library

Other Topics