Rome, 18 January 2013
Today S&P lowered Finmeccanica SpA long-term corporate credit
rating from BBB- with Negative Outlook to BB+ with Stable Outlook,
mainly due to the longer than expected timing in the execution of
the disposal plan.
Both Moody's (Baa3/Stable Outlook) and Fitch (BBB-/Negative
Outlook) recently confirmed Finmeccanica investment grade credit
The S&P decision does not change the terms of the outstanding
Finmeccanica loans and bond issues. The Group is on track to
deliver the financial targets provided to the market. Today
Finmeccanica reaffirms the financial guidance for 2012: Revenues of
16.9-17.3 billion, EBITA of approximately 1,100 million and
positive Free Operating Cash Flow.
Finmeccanica is committed to further deliver on its restructuring
program and to timely execute its disposal plan, which will
continue to strengthen the Group's financial position, reduce the
level of the debt, enhance its competitiveness in the markets and
support future performance in the core businesses.
Finmeccanica's business plan is supported by a solid financial
structure, with an average debt life of over 10 years, a strong
liquidity position and no significant refinancing needs in the bond
market until the end of 2017.
Finmeccanica plays a leading role in the global aerospace, defence
and security industry. It participates in some of the sector's
biggest international programmes through its operating companies
and thanks to partnerships in Europe and the USA. A leader in the
design and manufacture of helicopters, defence and security
electronics, civil and military aircraft, aerostructures,
satellites, space infrastructure and defence systems, Finmeccanica
is Italy's leading high-tech company with significant manufacturing
assets and expertise in the transport and energy sectors. Listed on
the Milan Stock Exchange, as of 31 December 2011, Finmeccanica had
around 70,474 employees, including 40,224 in Italy, some 10,450 in
the US, over 9,300 in the UK, some 3,700 in France, around 3,250 in
Poland, and 964 in Germany. Over 85% of the Group's employees are
based in three "domestic" markets (Italy, the UK and the USA). As
part of its drive to maintain and build on its technological
excellence, Finmeccanica spends around 12% of its revenues on
research and development.