S&P revises Reynolds American outlook |
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Published
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Thu, 12 Apr 2007 19:37
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NEW YORK (AP) - Standard & Poor's Ratings Services said Thursday that it is upgrading its outlook on Reynolds American Inc., maker of cigarettes such as Camel and Salem, and its RJ Reynolds Tobacco Holdings Inc. unit 'positive' from 'stable.'The agency also lifted its senior secured debt rating on Reynolds American's existing senior secured notes to 'BBB-' and revised the recovery rating to '1' from '3.'The rest of the company's ratings, including its 'BB+' corporate credit rating, were affirmed.'The outlook revision is due to Reynolds American's improved operating performance following the acquisition of Conwood in May 2006, its continued margin expansion, moderating volume and market share declines and a more favorable legal environment,' credit analyst Rick Joy said in a statement.Shares of Reynolds American slipped a penny to $62.49 in afternoon trading on the New York Stock Exchange.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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NASDAQ
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2630.24 |
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Moody's upgrades Reynolds ratings 