EFTA Document EFTA01378307

INTERNAL USE ONLY DO NOT DISTRIBUTE IN PART OR IN WHOLE 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