Fitch rates Altria notes BBB+

Fitch Ratings said it assigned a BBB+ rating to Altria Group, Inc.'s $1.9 billion 2.85% notes due 2022 and $900 million 4.25% notes due 2042. The company has a BBB+ long-term issuer default rating and F2 short-term issuer default and commercial paper ratings, and the agency rates its guaranteed bank credit facility and guaranteed senior debt at BBB+. The outlook is stable.

The proceeds of the notes are expected to be used to fund a tender offer for the company's $3.1 billion 9.7% notes due 2018, $2.2 billion 9.25% notes due 2019, $1.5 billion 9.95% notes due 2038 and $1.5 billion 10.2% notes due 2039.

The agency said the ratings reflect Altria's leading market share position, substantial cash flow and significant liquidity.

The ratings also reflect Altria's goal to return cash to shareholders and industry risk factors, Fitch said.

Altria's total debt-to-operating EBITDA ratio is 2 times.

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