Fitch affirms British American Tobacco

Fitch Ratings said it affirmed British American Tobacco's long-term issuer default rating and senior unsecured rating at BBB+, short-term issuer default rating at F2.

The senior unsecured debt issued by BAT subsidiaries, BAT Finance BV, British American Tobacco Holdings (Netherlands) BV, BAT International Finance plc and B.A.T. Capital Corp. have been affirmed at long-term BBB+ and short-term F2.

The outlook is stable.

The ratings reflect the company's strong business profile and its stable profits and cash flow during a period of challenged consumer spending, Fitch said.

They also consider its deleveraging from 2008's peak, as well as an expectation that from 2011 the scope for improvements in credit metrics will be more limited, the agency said.

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