Moody's sees British American positively

Moody's Investors Service said it changed the outlook to positive from stable for British American Tobacco plc, B.A.T. International Finance plc, B.A.T. Netherlands Finance BV and affirmed their Baa2 and Ba1 perpetual junior subordinated ratings.

Moody’s noted the company’s robust 2022 and first half of 2023 Moody's-adjusted EBITDA, with £13.8 billion recorded in the last 12 period to June 30, representing 13.8% growth on the £12.1 billion recorded in 2021.

“The positive outlook factors in Moody's base case expectations that BAT's Moody's-adjusted gross leverage will improve to around 3x over the next 12-18 months and be sustained at that level or lower. The positive outlook is also predicated on the company continuing to grow its revenues from new product categories at a strong pace as well as recording improvements in the underlying profitability of these products,” the agency said in a press release.

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