Strong market position as the world's second-largest listed international tobacco company. High geographic diversification, strengthened by sizable presence in emerging markets. Long-term pressure on volumes and increased price sensitivity in mature markets. Exposure to changes in regulatory risk and tobacco taxation. Litigation risks, mostly in, although not limited to, the U.S. Moderate financial policy. Strong cash flow generation. Dividends, share buybacks, and infill acquisitions, which are likely to absorb the group's discretionary cash flows in the next 12-18 months. The stable outlook reflects Standard&Poor's Ratings Services' view that British American Tobacco p.l.c.(BAT) is sufficiently profitable and will generate adequate cash flow to maintain credit metrics compatible with the current ratings over the next two-three years. This includes adjusted
