Moody’s ups Swedish Match notes

Moody’s Investors Service said it upgraded to A2 from Baa2 the ratings of Swedish Match AB's backed senior unsecured notes due 2024, 2025, 2027 and 2028. The agency also withdrew the (P)Baa2 the long-term senior unsecured MTN program rating and assigned a stable outlook after completing its review.

Moody’s started the review on May 12, 2022, after Philip Morris International Inc. reported it will buy Swedish Match. It became the majority owner in November.

The upgrade reflects Philip Morris’ unconditional guarantee, the agency said.

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