Fitch rates Altria notes BBB+

Fitch Ratings said it assigned a BBB+ rating to Altria Group, Inc.'s additional issuance of $200 million of 4.125% notes due Sept. 11, 2015. The original issuance of $800 million of notes occurred on June 11.

The notes rank pari passu with Altria's other senior debt. The notes are issued under Altria's indenture dated Nov. 4, and significant covenants include, but are not limited to, limitations on liens and restrictions on sale leaseback transactions, Fitch said.

The ratings reflect the company's continued ability to generate substantial cash flow from operations due to high operating margins, significant liquidity and leading market share position in the U.S. tobacco industry, the agency said.

The ratings further consider Altria's shareholder-friendly high target dividend payout ratio - recently increased to 80%, Fitch added.

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