LONDON -- Standard&Poor's CreditWire 9/9/96 -- Standard&Poor's today has affirmed its single-`A'-plus long-term and `A-1' short-term ratings of B.A.T Industries plc (BAT) and related entities (see list below). At the same time, Standard&Poor's revises the outlook to negative from stable. The ratings on BAT reflect the strength of BAT's cash-generative tobacco business, its weaker financial services activities (including Farmers Group Inc. in the U.S. and U.K.-based Eagle Star) and its overall robust financial profile. The outlook revision to negative reflects concerns about the increasing pace of U.S. litigation claims against BAT's U.S. tobacco subsidiary (Brown&Williamson), and the U.S. tobacco industry in general, and is consistent with other negative outlook statements on other
