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<TITLE>SECURITIES AND EXCHANGE COMMISSION</TITLE>
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<P style="margin:0pt; line-height:17pt; font-family:times new roman; font-size:15pt" align=center><B>SECURITIES AND EXCHANGE COMMISSION</B></P>
<P style="margin:0pt; line-height:16pt; font-family:times new roman; font-size:14pt" align=center><B>Washington, D.C. 20549</B></P>
<P style="margin:0pt; font-family:times new roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:times new roman; font-size:12pt" align=center>_________________</P>
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<P style="margin:0pt; line-height:16pt; font-family:times new roman; font-size:14pt" align=center><B>FORM 8-K</B></P>
<P style="margin:0pt; font-family:times new roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:times new roman; font-size:12pt" align=center><B>CURRENT REPORT</B></P>
<P style="margin:0pt; font-family:times new roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:times new roman; font-size:12pt" align=center><B>Pursuant to Section 13 or 15(d) of the</B></P>
<P style="margin:0pt; line-height:14pt; font-family:times new roman; font-size:12pt" align=center><B>Securities Exchange Act of 1934</B></P>
<P style="margin:0pt; font-family:times new roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:times new roman; font-size:12pt" align=center>Date of Report: February 14, 2005</P>
<P style="margin:0pt; line-height:14pt; font-family:times new roman; font-size:12pt" align=center><I>(Date of earliest event reported)</I></P>
<P style="margin:0pt; font-family:times new roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:times new roman; font-size:12pt" align=center>UNIVERSAL CORPORATION</P>
<P style="margin:0pt; line-height:14pt; font-family:times new roman; font-size:12pt" align=center><I>(Exact Name of Registrant as Specified in its Charter)</I></P>
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<TABLE style="font-size:10pt" cellspacing=0 align=center><TR><TD valign=top width=196.8><P style="margin:0pt; line-height:14pt; font-family:times new roman; font-size:12pt" align=center>Virginia</P>
</TD><TD valign=top width=196.8><P style="margin:0pt; line-height:14pt; font-family:times new roman; font-size:12pt" align=center>1-652</P>
</TD><TD valign=top width=196.8><P style="margin:0pt; line-height:14pt; font-family:times new roman; font-size:12pt" align=center>54-0414210</P>
</TD></TR>
<TR><TD valign=top width=196.8><P style="margin:0pt; line-height:14pt; font-family:times new roman; font-size:12pt" align=center><I>(State or Other Jurisdiction</I></P>
</TD><TD valign=top width=196.8><P style="margin:0pt; line-height:14pt; font-family:times new roman; font-size:12pt" align=center><I>(Commission File Number)</I></P>
</TD><TD valign=top width=196.8><P style="margin:0pt; line-height:14pt; font-family:times new roman; font-size:12pt" align=center><I>(IRS Employer</I></P>
</TD></TR>
<TR><TD valign=top width=196.8><P style="margin:0pt; line-height:14pt; font-family:times new roman; font-size:12pt" align=center><I>of Incorporation)</I></P>
</TD><TD valign=top width=196.8>&nbsp;</TD><TD valign=top width=196.8><P style="margin:0pt; line-height:14pt; font-family:times new roman; font-size:12pt" align=center><I>Identification No.)</I></P>
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<P style="margin:0pt; line-height:14pt; font-family:times new roman; font-size:12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0pt; line-height:14pt; font-family:times new roman; font-size:12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR><TD valign=top width=295.2><P style="margin:0pt; line-height:14pt; font-family:times new roman; font-size:12pt" align=center>1501 North Hamilton Street</P>
</TD><TD valign=top width=295.2><P style="margin:0pt; line-height:14pt; font-family:times new roman; font-size:12pt" align=center>23230</P>
</TD></TR>
<TR><TD valign=top width=295.2><P style="margin:0pt; line-height:14pt; font-family:times new roman; font-size:12pt" align=center>Richmond, Virginia</P>
</TD><TD valign=top width=295.2><P style="margin:0pt; line-height:14pt; font-family:times new roman; font-size:12pt" align=center><I>(Zip Code)</I></P>
</TD></TR>
<TR><TD valign=top width=295.2><P style="margin:0pt; line-height:14pt; font-family:times new roman; font-size:12pt" align=center><I>(Address of Principal Executive Offices)</I></P>
</TD><TD valign=top width=295.2>&nbsp;</TD></TR>
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<P style="margin:0pt; font-family:times new roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:times new roman; font-size:12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0pt; line-height:14pt; font-family:times new roman; font-size:12pt" align=center>Registrant's telephone number, including area code:</P>
<P style="margin:0pt; line-height:14pt; font-family:times new roman; font-size:12pt" align=center>(804) 359-9311</P>
<P style="margin-top:5pt; margin-bottom:5pt; padding-left:-45pt; line-height:14pt; font-family:times new roman; font-size:12pt" align=justify>Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: </P>
<P style="margin-top:5pt; margin-bottom:5pt; padding-left:-45pt; padding-right:-45pt; line-height:14pt; font-family:times new roman; font-size:12pt">[&nbsp;&nbsp;]&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<BR>
[&nbsp;&nbsp;]&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<BR>
[&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<BR>
[&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>
<P style="margin:0pt; font-family:times new roman; font-size:12pt" align=center><BR></P>
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<BR></P>
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<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:times new roman; font-size:12pt"><B>Item 8.01.</B></P>
<P style="margin:0pt; text-indent:54pt; line-height:14pt; font-family:times new roman; font-size:12pt"><B>&nbsp;&nbsp;Other Events.</B></P>
<P style="margin:0pt; font-family:times new roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:times new roman; font-size:12pt">On February 14, 2005, Moody&#146;s Investors Service (&#147;Moody&#146;s&#148;) downgraded Universal Corporation&#146;s long-term rating to Baa3 from Baa1 and its short-term rating to Prime-3 from Prime-2. &nbsp;Moody&#146;s also issued a stable outlook for the new ratings. &nbsp;Moody&#146;s lowest long-term investment grade rating is Baa3. </P>
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<BR></P>
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<P style="margin:0pt; line-height:14pt; font-family:times new roman; font-size:12pt" align=center><B>SIGNATURES</B></P>
<P style="margin:0pt; font-family:times new roman; font-size:12pt"><BR></P>
<P style="margin:0pt; text-indent:36pt; line-height:14pt; font-family:times new roman; font-size:12pt">Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>
<P style="margin:0pt; font-family:times new roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-left:243pt; line-height:14pt; font-family:times new roman; font-size:12pt">UNIVERSAL CORPORATION</P>
<P style="margin:0pt; padding-left:243pt; line-height:14pt; font-family:times new roman; font-size:12pt">(Registrant)</P>
<P style="margin:0pt; font-family:times new roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:times new roman; font-size:12pt">Date: February 15, 2005</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:243pt; line-height:14pt; font-family:times new roman; font-size:12pt">By: <U>/s/ George C. Freeman, III</U></P>
<U><P style="margin:0pt; text-indent:432pt; font-family:times new roman; font-size:12pt"><BR></U></P>
<P style="margin:0pt; padding-left:261pt; line-height:14pt; font-family:times new roman; font-size:12pt">George C. Freeman, III</P>
<P style="margin:0pt; padding-left:261pt; line-height:14pt; font-family:times new roman; font-size:12pt">General Counsel and Secretary</P>
<P style="margin:0pt; font-family:times new roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:times new roman; font-size:12pt"><BR>
<BR></P>
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{"company-data": {"conformed-name": "UNIVERSAL CORP /VA/", "cik": "0000102037", "assigned-sic": "5150", "irs-number": "540414210", "state-of-incorporation": "VA", "fiscal-year-end": "0630"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-00652", "film-number": "05616544"}, "business-address": {"street1": "1501 NORTH HAMILTON STREET", "street2": "PO BOX 25099", "city": "RICHMOND", "state": "VA", "zip": "23230", "phone": "8043599311"}, "mail-address": {"street1": "PO BOX 25099", "city": "RICHMOND", "state": "VA", "zip": "23260"}, "former-company": {"former-conformed-name": "UNIVERSAL LEAF TOBACCO CO INC", "date-changed": "19880314"}}
SECURITIES AND EXCHANGE COMMISSION
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: February 14, 2005
(Date of earliest event reported)
UNIVERSAL CORPORATION
(Exact Name of Registrant as Specified in its Charter)
Virginia
1-652
54-0414210
(State or Other Jurisdiction
(Commission File Number)
(IRS Employer
of Incorporation)
Identification No.)
1501 North Hamilton Street
23230
Richmond, Virginia
(Zip Code)
(Address of Principal Executive Offices)
Registrant's telephone number, including area code:
(804) 359-9311
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 8.01.
Other Events.
On February 14, 2005, Moody's Investors Service ("Moody's") downgraded Universal Corporation's long-term rating to Baa3 from Baa1 and its short-term rating to Prime-3 from Prime-2.  Moody's also issued a stable outlook for the new ratings.  Moody's lowest long-term investment grade rating is Baa3.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
UNIVERSAL CORPORATION
(Registrant)
Date: February 15, 2005
By:
/s/ George C. Freeman, III
George C. Freeman, III
General Counsel and Secretary