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 rating.
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.