The ratings on U.K.-based British American Tobacco PLC (BAT) reflect Standard&Poor's Ratings Services' views on the group's strong position as one of the world's two largest international tobacco companies, resilient profitability and cash generation, and exceptional geographic diversification. These factors are mitigated by BAT's intermediate financial risk profile, as well as regulatory and litigation risks. On June 30, 2009, BAT had adjusted debt of £10.3 billion, or about 2.3x EBITDA under Standard&Poor's definitions. With net sales of £13.4 billion in the 12 months to June 2009, BAT commands a steady 21.4% volume share of the global tobacco market (excluding China) through a diverse portfolio of brands that include Lucky Strike, Dunhill, Kent, and Pall Mall. BAT's
