Moody's Places Lorillard (LO) on Review for Downgrade
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Fitch Places Lorillard (LO) on Rating Watch Negative Following Reynolds American (RAI) Announcement
July 15, 2014 3:15 PM EDTFitch Ratings has placed Lorillard Inc.'s (NYSE: LO) 'BBB' Issuer Default Rating (IDR) on Rating Watch Negative. The rating action stems from Reynolds American Inc.'s (Reynolds) definitive agreement to acquire Lorillard for approximately $27.4 billion. The ratings apply to approximately $3.5 billion of Lorillard outstanding debt.
A complete list of ratings is provided at the end of this release.
KEY RATING DRIVERS
Reynolds' proposed offer of approximately $27.4 billion (12x EBITDA) comprises a cash component of $50.50 and an equity portion of 0.2909 shares of Reynolds' common stock per each share of Lorillard. The offer... More
S&P Affirms Ratings on Lorillard (LO) Following Reynolds American (RAI) Deal
July 15, 2014 11:40 AM EDTStandard & Poor's Ratings Services affirmed all of its ratings on Greensboro, N.C.-based Lorillard (NYSE: LO), including the 'BBB-' corporate credit rating, and removed them from CreditWatch, where we had placed them with negative implications on May 22, 2014. The outlook is stable.
At the same time, we affirmed all of our ratings on Winston-Salem, N.C.-based Reynolds American Inc. (NYSE: RAI), including the 'BBB-' corporate credit rating, and removed them from CreditWatch, where we had placed them with negative implications on May 22, 2014. The outlook is stable. We... More
