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British American Tobacco (BAT) has been upgraded by a notch to BBB+ from BBB by Fitch. Fitch also upgraded BAT’s senior unsecured and perpetual bonds by a notch to BBB+ and BBB- respectively. The upgrade follows BAT’s improved leverage metrics and Fitch’s expectations of further improvement owing to the company’s better profitability and strong free cash flow generation. According to Fitch, BAT’s net EBITDA leverage is expected to reduce to or below 2.5x from 2025, a level similar to that of its higher rated peer, Philip Morris International (Rated A-).
It’s 4.7% 2027s traded stable at 98.4 cents on the dollar, yielding 5.27%