Standard & Poor's Announces Change to U.S. Index
04 June 2008 - 7:57AM
PR Newswire (US)
NEW YORK, June 3 /PRNewswire/ -- Lorillard Inc. (NYSE:LO) will
replace Ambac Financial Group Inc. (NYSE:ABK) in the S&P 500
after the close of trading on Tuesday, June 10. Lorillard is being
distributed to the public via a two-tier process involving 1) the
retirement of the tracking stock Carolina Group (NYSE:CG), in
exchange for which approximately 62% of Lorillard's common stock
will be issued, and 2) an offer in which shares of S&P 500
constituent Loews Corp. (NYSE:LTR) can be exchanged for the
remaining shares of Lorillard. As of today's close of trading
Ambac's market capitalization was roughly $860 million, ranking
500th in the index. Standard & Poor's will monitor this
transaction, and post any relevant updates on its website:
http://www.standardandpoors.com/. Lorillard is a producer and
seller of cigarettes, under brand names including Newport, Kent,
True, Maverick and Old Gold. Headquartered in Greensboro, NC, the
company will be added to the S&P 500 GICS (Global Industry
Classification Standard) Tobacco Sub-Industry index. Following is a
summary of the changes: S&P 500 INDEX - June 10, 2008 COMPANY
GICS ECONOMIC SECTOR GICS SUB-INDUSTRY ADDED Lorillard Consumer
Staples Tobacco DELETED Ambac Financial Financials Property &
Casualty Insurance Additions to and deletions from an S&P
equity index do not in any way reflect an opinion on the investment
merits of the companies concerned. About Standard & Poor's
Index Services Standard & Poor's Index Services, the world's
leading index provider, maintains a wide variety of investable and
benchmark indices to meet an array of investor needs. Its family of
indices includes the S&P 500, an index with $1.32 trillion
invested and $4.91 trillion benchmarked, and the S&P Global
1200, a composite index comprised of seven regional and country
headline indices. For more information, please visit
http://www.standardandpoors.com/indices. About Standard &
Poor's Standard & Poor's, a division of The McGraw-Hill
Companies (NYSE:MHP), is the world's foremost provider of financial
market intelligence, including independent credit ratings, indices,
risk evaluation, investment research and data. With approximately
8,500 employees, including wholly owned affiliates, located in 23
countries, Standard & Poor's is an essential part of the
world's financial infrastructure and has played a leading role for
more than 140 years in providing investors with the independent
benchmarks they need to feel more confident about their investment
and financial decisions. For more information, visit:
http://www.standardandpoors.com/. About The McGraw-Hill Companies:
Founded in 1888, The McGraw-Hill Companies (NYSE:MHP) is a leading
global information services provider meeting worldwide needs in the
financial services, education and business information markets
through leading brands such as Standard & Poor's, McGraw-Hill
Education, BusinessWeek and J.D. Power and Associates. The
Corporation has more than 280 offices in 40 countries. Sales in
2007 were $6.8 billion. Additional information is available at
http://www.mcgraw-hill.com/. DATASOURCE: Standard & Poor's
CONTACT: David M. Blitzer, Ph.D. Managing Director & Chairman
of the Index Committee +1-212-438-3907 Web site:
http://www.standardandpoors.com/ http://www.mcgraw-hill.com/
http://www.standardandpoors.com/indices
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