U.K.-based tobacco manufacturer British American Tobacco PLC's (BAT's) current "intermediate" financial risk profile metrics are commensurate with our guidance for an 'A-' long-term corporate credit rating. BAT benefits from strong conversion of profits into cash and generates about £1 billion of discretionary cash flow annually. We are revising our outlook on BAT to positive from stable and affirming our 'BBB+/A-2' corporate credit ratings on the group. The positive outlook reflects our view that BAT is likely to maintain its implicit moderate financial policy over the medium term. On Nov. 30, 2011, Standard&Poor's Ratings Services revised its outlook on U.K.-based tobacco manufacturer British American Tobacco PLC (BAT) to positive from stable. At the same time, the 'BBB+' long-term and
