RJ Reynolds Outlook Revised to Negative

The move reflects S&P's assessment of the U.S. tobacco industry environment and RJR's competitive position

On Aug. 12, 2003, Standard & Poor's Ratings Services revised its rating outlook for RJ Reynolds Tobacco Holdings (RJR ) to negative from stable. At the same time, Standard & Poor's affirmed its 'BB+' corporate credit and senior unsecured debt ratings on RJR. Standard & Poor's also affirmed its 'BB' senior unsecured ratings on those selected debt issues that are not guaranteed by RJR's material operating subsidiaries (including RJ Reynolds Tobacco Company).

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