Atria Group Inc. MO, +1.05% credit rating was slashed by two notches to BBB from A- at S&P Global Ratings, following the cigarette maker's recent announcements of a $12.8 billion investment in e-cigarette startup Juul Labs Inc. and a $1.8 billion investment in cannabis company Cronos Group Inc. CRON, +1.58% . Altria's stock slipped 0.8% in premarket trade. That leaves Altria's credit rating just two notches above junk status. S&P said the rating outlook is stable. "We do not believe Juul or Cronos will provide significant near-term investment returns to Altria," S&P said in a statement. "Given Altria's track record of high shareholder returns, we do not expect the company to deleverage meaningfully from pro forma levels in the next few years." S&P said its downgrade also reflects growing uncertainty over how the Food and Drug Administration and state regulators could affect tobacco and non-tobacco product. Altria shares have dropped 28% year to date through Wednesday, while the S&P 500 SPX, +0.29% has declined 6.2%.