Engle case fails to affect tobacco ratings

Standard & Poor’s has decided not to change its position on tobacco-backed bonds, despite last week’s dismissal of the $145 billion Engle case by the Florida Supreme Court.

Last week’s ruling prompted a positive reaction in the credit markets, with Altria and BAT both experiencing an immediate tightening of CDS spreads. However S&P is not convinced that tobacco manufacturers are in the clear, noting: “The risk of a negative decision in other significant litigation still remains.”

Says S&P credit

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe

You are currently unable to copy this content. Please contact info@risk.net to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Risk.net? View our subscription options


Want to know what’s included in our free membership? Click here

This address will be used to create your account

You need to sign in to use this feature. If you don’t have a Risk.net account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here