TITLE

Awaiting Hearing, Altria Gets 3d Downgrade

AUTHOR(S)
Albanese, Elizabeth
PUB. DATE
April 2003
SOURCE
Bond Buyer;4/11/2003, Vol. 344 Issue 31613, p4
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The decision on Philip Morris USA Inc.'s case is awaited that whether an Illinois judge will reduce or offer an alternative to a 12 billion dollar bond he ordered the company to pay if it wants to appeal a 10.1 billion dollar judgment. Poor's on lowered the corporate credit rating for Philip Morris' parent company, Altria Group Inc., to BBB-plus from A. Last week, the company's debt was lowered from the A category to Baa1 by Moody's Investors Service, and Fitch Ratings also lowered the rating to BBB-plus from A. Philip Morris USA Inc.'s officials on told Madison County Circuit Court Judge Nicholas Byron that if the appeal bond is not reduced to about 1.5 billion dollar, Philip Morris would likely be forced to file for bankruptcy protection.
ACCESSION #
9611072

 

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