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, North America. Moderate financial policy. Strong cash flow generation. Dividends, share buybacks, and investments absorbing the group's discretionary cash flows. The stable outlook reflects Standard&Poor's Ratings Services' view that British American Tobacco PLC (BAT) is sufficiently profitable and will likely generate adequate cash flow to maintain credit metrics compatible with the current ratings over the next two to three years, including Standard&Poor's-adjusted debt to EBITDA of 2x-3x.
