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S&P stabilizes British American view
S&P said it revised its outlook for British American Tobacco (BAT) to stable from negative and affirmed its BBB+ ratings.
British American Tobacco's credit metrics advanced in 2023, with S&P Global Ratings-adjusted debt to EBITDA declining to 2.9x from 3.5x in 2022, in line with S&P’s base case. “This was notably thanks to a solid operating performance in key markets and in new categories supporting strong free operating cash flow (FOCF) generation (£7.3 billion in 2023, stable versus last year),” S&P said in a press release.
For 2024-2025, the agency said it expects BAT to deliver marginally lower adjusted EBITDA and FOCF versus 2023 reflecting higher investments in new categories and rising financing costs. “However, we foresee the group maintaining stable credit metrics such that adjusted debt to EBITDA remains around 3x.”
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