Fitch affirms Reynolds American

Fitch Ratings said it affirmed Reynolds American Inc. and subsidiary R. J. Reynolds Tobacco Holdings, Inc.'s issuer default rating BBB- and guaranteed notes at BBB-.

The outlook is stable.

Fitch said the affirmation reflects the company's continued ability to generate substantial cash flow from operations due to its high operating margins, its significant levels of liquidity and its prominent market position as the second largest U.S. tobacco company.

For the 12 months ended March 31, total debt-to-operating EBITDA was 1.8 times compared with 1.8x on Dec. 31, 2008.

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