Standard&Poor's Ratings Services said today its ratings on British-based international tobacco manufacturer British American Tobacco PLC (BAT; A/Stable/A-1) were not affected by BAT's announcement that it will initiate an on-market share buy-back program. Although the existing shareholder authority allows BAT to repurchase up to 10% of its outstanding shares in any one year, the group indicated it is unlikely to repurchase more than 7.5% prior to June 30, 2004, due to the standstill agreement in place with its largest shareholder. At current market capitalization, this would amount to a maximum of about £1 billion ($1.6 billion) over the period. "The ratings on BAT are not affected by the planned share buy-back program, as the timing and scale of
