Tobacco sector

credit of the month

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The tobacco industry had a wild ride this past year, with most of the ups and downs triggered by headline risk from several high-profile lawsuits. For example, in May of 2003, the Third District Court of Appeal in Florida reversed a $145 billion jury verdict in the Engle class action lawsuit that found that several of the largest US cigarette manufacturers misledi Americans about the dangers of smoking. On the back of this news, spreads on Altria’s bonds tightened over 121 basis points.

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