We consider that U.K.-based tobacco manufacturer British American Tobacco PLC (BAT) is sufficiently cash flow generative to be able to maintain its credit metrics at levels we view as commensurate with an 'A-' rating. Furthermore, BAT has expressed its commitment to maintain its credit metrics at these levels. We are therefore raising our long-term corporate credit rating on BAT to 'A-' from 'BBB+' and affirming our 'A-2' short-term corporate credit rating on the company. The stable outlook reflects our view that BAT is sufficiently profitable and cash flow generative to maintain metrics that are compatible with an 'A-' rating. On Nov. 9, 2012, Standard&Poor's Ratings Services raised its long-term corporate credit rating on U.K.-based tobacco manufacturer British American
