Moody's Lowers Altria Long-Term Rating, Cites Litigation-Driven Cash Flow Strain
Moody's Investors Service downgraded Altria Group Inc.'s long-term senior unsecured rating to Baa2 from Baa1, citing reduced free cash flow for debt service after bonding requirements related to the Price/Miles Illinois consumer fraud class-action. The action, announced April 22, 2003, affects roughly $20 billion of debt securities and prompted rel…