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Fitch Ratings
Fitch: SCHIP Legislation to Pressure U.S. Tobacco Credit Metrics
February 15th, 2009
Yesterday's U.S. Senate-approved expansion of the State Children's Health Insurance Program (SCHIP) will lead to excise tax increases that will negatively impact cigarette volumes, according to Fitch Ratings. The U.S. Senate passed legislation to expand the SCHIP, which will be funded by a 61 cent per pack increase in the federal cigarette excise tax. Fitch expects the legislation to be signed into law by President Obama, after differences between the House and Senate bills are reconciled. The new cigarette federal excise tax amounts to a 156% increase over the current federal excise tax of 39 cents per pack, bringing the total federal excise tax for a pack of...
Source: Pharma Investments, Ventures & Law Weekly (2009-02-15)
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