S&P lifts Swedish Match

S&P said it raised its ratings for Swedish Match AB and its senior notes to A- from BBB and removed them from CreditWatch where they were placed with positive implications on May 12.

The upgrade follows Philip Morris International Inc. reporting it secured an 82.59% acceptance rate as of Nov. 4 from existing shareholders to acquire Swedish Match.

“Our ratings on Swedish Match reflect our assessment of its status as core to PMI. We view Swedish Match as a crucial part of PMI's broader strategy to reach its 50% target of net revenues derived from smoke-free products by 2025, expand into the large and profitable U.S. market, and accelerate its oral nicotine business outside existing markets,” S&P said in a press release.

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