Fitch assigns Altria notes BBB+

Fitch Ratings said it has assigned a BBB+ rating to Altria Group, Inc.'s $1.4 billion of 8.5% guaranteed senior notes due 2013, $3.1 billion of 9.7% guaranteed senior notes due 2018, and $1.5 billion of 9.95% guaranteed senior notes due 2038.

The notes rank pari passu with Altria's other senior debt, the agency said, adding that Altria plans to use the proceeds to fund a portion of its acquisition of UST Inc., valued at $11.7 billion, including the assumption of UST debt.

The acquisition is expected to close early January, Fitch said, adding that the notes are being issued under the company's indenture dated Nov. 4, and significant covenants include, but are not limited to, limitations on liens and restrictions on sale leaseback transactions.

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