Moody's ups Reynolds American

Moody's Investors Service said it upgraded the senior unsecured ratings of Reynolds American Inc. and its principal operating subsidiary, R.J. Reynolds Tobacco Holdings, to Baa2 from Baa3.

The outlook is stable.

Moody's said the upgrade to Baa2 reflects its expectation that the company will continue to grow profits, sustain positive operating cash flows and maintain strong profitability and credit metrics to offset its reliance on the mature, highly competitive, and secularly declining U.S. cigarette market.

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