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British American Tobacco PLC Dec 11
Standard & Poors, Dec 2011
Abstract
Strong market position as one of the world's top two international tobacco companies. Strong conversion of profits into cash. Unrivaled geographic diversification, including significant exposure to markets that are growing in volume and value. Moderate financial policy. Rising price sensitivity in mature markets. Exposure to changes in regulatory risk and tobacco taxation. Litigation risks, most acutely in, although not limited to, the U.S. The ratings on U.K.-based British American Tobacco PLC (BAT) reflect Standard & Poor's Ratings Services' view of the group's 'strong' business risk profile, as one of the world's two largest international tobacco companies, and its 'intermediate' financial risk profile. BAT's key business strengths include its resilient profitability and cash generation, and its exceptional geographic diversification. We see...
Companies mentioned in this report are: British American Tobacco PLC,B.A.T Capital Corp.,B.A.T. International Finance PLC,British American Tobacco Holdings (The Netherlands) B.V.
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
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