Altria Credit Rating Lowered

The action follows S&P's assessment of increased levels of risk in the U.S. cigarette industry

On Apr. 9, 2003, Standard & Poor's lowered its long-term corporate credit ratings on Altria Group (MO ) and Philip Morris Capital Corp. (PMCC) to 'BBB+' from 'A', and lowered the senior unsecured debt ratings on Altria to 'BBB' from 'A-' and on PMCC to 'BBB+' from 'A'. Standard & Poor's has also lowered its long-term corporate credit rating on Kraft Foods (KF ) to 'A-' from 'A', and its senior unsecured debt ratings on Kraft to 'BBB+' from 'A-'.

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