On Aug. 22, 2003, Standard&Poor's Ratings Services lowered its long-term corporate credit ratings on U.K.-based international tobacco company British American Tobacco PLC (BAT) and related entities to 'BBB+' from 'A-', following news of the group's intended acquisitions. At the same time, the ratings were removed from CreditWatch, where they were placed on July 17, 2003. The outlook is stable. In addition, the 'A-2' short-term ratings on the group were affirmed. The rating actions reflect the weakening of the group's financial profile, in the context of the announced acquisition of Ente Tabacchi Italiana SpA, Italy's state-owned tobacco company, for €2.32 billion ($2.6 billion) in cash. Standard&Poor's expects further potential acquisitions, and the group's strong focus on shareholder
