S&P: BAT Revised to Watch Pos; Rothmans on Watch Pos

NY -- Standard&Poor's CreditWire 1/11/1999 – Standard&Poor's today revised its CreditWatch implications on British American Tobacco PLC and related entities to positive from negative (see list below). The revision on the CreditWatch implications follows the recent announcement of a proposed acquisition of Rothmans International B.V. The ratings of Rothmans International B.V and related entities are also placed on CreditWatch with positive implications (see list below). The CreditWatch implications revision is primarily driven by improved business profile combined with the comparable credit profile of the two companies prior to merger and the conservative financial structure of the substantially all paper transaction. Despite a portion of the consideration to Rothmans International B.V.'s shareholders being in convertible redeemable preference

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