Fitch Maintains Imperial Brands' Rating on Combustible Market Focus, NGP Expansion

11:33 PM EST, 12/21/2025 (MT Newswires) -- Fitch Ratings on Dec. 19 affirmed its long-term issuer default rating on Imperial Brands (IMB.L) at BBB, with a stable outlook. The affirmation reflects the British tobacco company's continued focus on combustible tobacco markets, alongside expectations of double-digit sales growth in its next-generation products segment. Fitch forecasts this momentum will support low single-digit revenue growth between 2026 and 2029. Fitch also expects Imperial Brands to report an improved operating margin and maintain moderate capital expenditure, resulting in strong free cash flow generation. Additionally, the rating agency highlighted the company's conservative financial structure, which remains consistent with the lower end of its leverage target.