S&P cuts Reynolds American

S&P said it lowered its ratings on Reynolds American Inc.'s existing debt issues to BBB- from BBB, meaning it now rates the notes the same as the corporate credit rating.

At the same time, S&P affirmed its BBB- corporate credit rating on Reynolds America and assigned a BBB- issue rating to its new $750 million unsecured revolving credit facility due July 2015.

The outlook is stable.

"The rating action on RAI's existing notes issues reflects our reassessment of its unsecured debt," said S&P credit analyst Mark Salierno in a news release, "based on the terms and conditions set forth under the company's new senior unsecured revolving credit facility."

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