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S&P rates British American Tobacco hybrids BBB-
S&P said it assigned its BBB- issue rating to the proposed perpetual, optionally deferable, and subordinated hybrid securities to be issued by British American Tobacco plc.
“The proposed transactions do not materially change BAT's adjusted credit metrics or our view of very limited rating headroom for the issuer credit rating on BAT (BBB+/stable/--),” S&P said in a news release.
“We assigned our BBB- issue rating to BAT's proposed hybrid instruments to reflect their subordination and optional deferability. We also assess the proposed securities as having intermediate equity content within the group's capital structure.”
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