Ratings Outlook Lowered for Philip Morris, Kraft

S&P says the move reflects increased financial uncertainty associated with the outcome of recent and prior substantial punitive damage awards

On Oct. 8, 2002, Standard & Poor's affirmed its 'A' corporate credit rating as well as its other ratings on Philip Morris Cos. (MO ) (and related entities) and on its Kraft Foods (KFT ) subsidiary. At the same time, the ratings outlook for both Philip Morris and Kraft was changed to negative from stable.

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