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Corporate Credit > U.S. Investment Grade
Altria Group, Inc . (MO) Updated: Oct 1, 2015
Trade Idea:
► Altria: stable operating and credit outlook supported by strong profitability and substantial free cash flow. Relatively wide
spreads reflect the negative perception of tobacco and concerns over litigation which we believe are overstated.
Investment Rationale:
► Recommendation moved to Neutral.
Trade Ratings Issue Spread Cash
View Horizon Ticker CPN Maturity CCY size Yield Price ISIN
SEP Moodys Entry Target Loss
Outperform 612 MO 4.25 819/2042 BBB Baal USD 900 4.88 188 168 208 90.60 U502209
months SAM52
Deutsche Asset
& Werith Management 6
CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0075476
CONFIDENTIAL SDNY_GM_00221660
EFTA01378307
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