Vector Group Ltd.: Update to Key Credit Considerations
Our credit view of Vector reflects its aggressive financial policy, modest market share in discount cigarette category and limited price flexibility, further constrained by regulatory risks.Vector Group is a holding company. The company is engaged principally in the manufacture and sale of cigarettes in the U.S. through its Liggett Group LLC (Liggett) and Vector Tobacco Inc. subsidiaries; and the real estate business through its New Valley LLC (New Valley) subsidiary. The company's business segments were Tobacco, and Real Estate. The Tobacco segment consists of the manufacture and sale of conventional cigarettes. The Real Estate segment includes the company's investment in New Valley, which includes Douglas Elliman, Escena, Sagaponack and investments in real estate ventures.
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