(Reuters) - S&P raised its senior secured debt rating on the company's senior notes to 'BBB-minus,' the lowest investment-grade rating, from 'BB.' The company acquired Conwood, the No. 2 smokeless tobacco company last year.
"The outlook revision is due to RAI's improved operating performance following the acquisition of Conwood in May 2006, its continued margin expansion, moderating volume and market share declines, and a more favorable legal environment," Standard & Poor's credit analyst Rick Joy wrote.
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