Our credit view of JT reflects its wide geographic footprint, offset by its modest presence in RRP compared to global peers', with significant investment required to catch up.
Our credit view of Japan Tobacco Inc. reflects its steady profitability in its tobacco businesses, but also risks related to the secular decline of tobacco consumption and overseas expansion
Japan Tobacco's plan to enter a JV for heated tobacco with Altria is credit positive as it provides growth opportunities in the US, the largest market for reduced-risk tobacco products.
Altria's partnership with Japan Tobacco to sell heated tobacco products in the US will bring product diversification for Altria and access to the US market for Japan Tobacco.
Altria's partnership with Japan Tobacco to sell heated tobacco products in the US will bring product diversification for Altria and access to the US market for Japan Tobacco.
Our credit view of JT reflects its stability because of monopoly position in tobacco manufacturing in Japan, constrained by its exposure to emerging markets.
Our credit view of JT reflects its good profitability, offset by its exposure to greater risk from tighter regulations in developed countries and potential volatility in emerging markets.
Our credit view of Japan Tobacco Inc. reflects its relatively weak profitability, and its limited improvement in profitability in the difficult operating environment.