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Fitch rates Reynolds American notes BB+
Fitch Ratings said it has affirmed R.J. Reynolds Tobacco Holdings, Inc.'s (RJR) guaranteed unsecured notes at BB and concurrently assigned a BB+ rating to Reynolds American, Inc.'s (RAI) guaranteed, secured exchange notes.
The current ratings include Reynolds American's issuer default rating (IDR) of BB, guaranteed secured bank credit facility at BBB- and guaranteed secured notes at BB+; and R.J. Reynolds' IDR of BB, guaranteed unsecured notes at BB and unsecured notes at BB-.
R.J. Reynolds' guaranteed notes are also removed from rating watch negative. The outlook is stable.
Fitch said the stable outlook for both companies reflect the view that domestic tobacco industry fundamentals have improved considerably, due to renewed pricing power, material improvements to operating earnings and a more favorable litigation environment.
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