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, though 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 on U.K.-based tobacco company British American Tobacco PLC (BAT) reflects Standard&Poor's Ratings Services' view that the company is sufficiently profitable and will generate adequate cash flow to maintain credit metrics compatible with the current ratings over
