Fitch cuts Imperial Tobacco

Fitch Ratings said it downgraded Imperial Tobacco Group's long-term issuer default to BBB- from BBB.

At the same time, Fitch said it has downgraded Imperial's senior unsecured rating to BBB- from BBB and short-term issuer default rating to F3 from F2.

All ratings have been taken off rating watch negative, where they were originally placed on March 15, the agency noted.

The outlook for the long-term issuer default rating is negative.

Fitch said it believes that through the acquisition of Altadis, Imperial becomes a stronger number four in the consolidated global tobacco industry, with an enhanced full product portfolio spanning from cigarettes to 'roll your own' products, as well as cigars and snus.

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