16.07.2012 23:22
Bewerten
 (0)

Finmeccanica S.p.A. -- Moody's places Finmeccanica's Baa2 ratings on review for downgrade

New York, July 16, 2012 -- Moody's Investors Service has today placed on review for downgrade the Baa2 ratings of Finmeccanica SpA (Finmeccanica) and its guaranteed subsidiaries Finmeccanica Finance SA and Meccanica Holdings USA, Inc.

Today's action follows the weakening of the Italian government's creditworthiness, as captured by Moody's downgrade of Italy's government bond ratings to Baa2 on 13 July 2012. For more details on the sovereign action, please refer to the press release on www.moodys.com.

RATINGS RATIONALE

"The review reflects our increased concerns about (1) Finmeccanica's ability to successfully execute its operational restructuring and asset disposition plans in a more challenging economic environment, and (2) the implicit level of support for the company from the Italian government," says Russell Solomon, a Moody's Senior Vice President and lead analyst for Finmeccanica. Finmeccanica currently carries a fundamental baseline credit assessment, or BCA, of 10 (Baa3 equivalent level), with its rated debt elevated by one notch to Baa2 in accordance with Moody's Government Related Issuer Methodology.

Finmeccanica's key credit metrics have been weak for the rating category, with high financial leverage and poor profitability measures. The company's performance has been adversely affected by significant restructuring activities and related financial accounting charges as the company tries to reduce inefficiencies and improve core profitability. Moody's believes that the deteriorating macroeconomic environment both in Italy and in the broader European markets could further weigh on Finmeccanica's business and financial results and renders more uncertain its ability to achieve anticipated proceeds from asset disposals.

The company generates around 20% of its sales within Italy, a substantial portion of which are defence-related. The budget for the Italian Ministry of Defence has been under increasing pressure for the past year and may be subject to further cuts, notwithstanding reports of a planned reversion to higher levels (or at least stabilisation) beginning 2013. Compounding in-country headwinds is Finmeccanica's heavy exposure to defence spending levels for the whole of continental Europe, and the US and UK more broadly, which are also experiencing meaningful downward pressure. These high-level risks have been somewhat mitigated to date by the large size and scope of the company's business operations, and specifically the revenue predictability associated with its multi-year backlog, as well as its good liquidity profile.

Finmeccanica has proposed approximately EUR1 billion of asset sales to be executed by the end of 2012, the proceeds from which would be applied to debt reduction. However, with increasingly difficult market conditions, Moody's believes that the timing, value and ultimate execution of prospective asset sales is subject to heightened risk. Moreover, requisite credit profile strengthening also relies heavily on consistent improvement in operating performance that may be more difficult to realise given expectations of increasingly challenging market conditions.

The review will assess Finmeccanica's near-term ability to reverse recent negative operating performance trends and restore its credit profile to levels more appropriate for its assigned rating category. The review will also focus on the pace and scope of Finmeccanica's various restructuring activities and targeted monetisation of non-core assets and their potential short-to-medium term impact on the company's financial profile.

PRINCIPAL METHODOLOGY

The principal methodology used in rating Finmeccanica was the Global Aerospace and Defense Industry rating methodology, published in June 2010. Other methodologies used include the Government-Related Issuers Methodology, published in July 2010. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

Headquartered in Rome, Italy, Finmeccanica SpA is one of Italy's largest industrial conglomerates and receives approximately half of the country's annual defence outlays. Finmeccanica is concentrated in the defence electronics and aerospace (helicopters and aircraft) markets and has interests in the transportation (train signalling systems) and energy sectors. The company reported revenues of just over EUR17 billion for the 12 months ended 31 March 2011.

REGULATORY DISCLOSURES

The Global Scale Credit Ratings on this press release that are issued by one of Moody's affiliates outside the EU are endorsed by Moody's Investors Service Ltd., One Canada Square, Canary Wharf, London E 14 5FA, UK, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody's office that has issued a particular Credit Rating is available on www.moodys.com.

For ratings issued on a program, series or category/class of debt, this announcement provides relevant regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides relevant regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides relevant regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

Moody's considers the quality of information available on the rated entity, obligation or credit satisfactory for the purposes of issuing a rating.

Moody's adopts all necessary measures so that the information it uses in assigning a rating is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery.

Please see ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history. The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Russell Solomon Senior Vice President Corporate Finance Group Moody'sInvestors Service, Inc.250 Greenwich StreetNew York, NY 10007 U.S.A. JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653Michael J. Mulvaney MD - Corporate Finance Corporate Finance Group JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653 Releasing Office: Moody's Investors Service, Inc.250 Greenwich StreetNew York, NY 10007 U.S.A. JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653(C) 2012 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. ("MIS") AND ITS AFFILIATES ARE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND CREDIT RATINGS AND RESEARCH PUBLICATIONS PUBLISHED BY MOODY'S ("MOODY'S PUBLICATIONS") MAY INCLUDE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODY'S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL, FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY'S OPINIONS INCLUDED IN MOODY'S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. CREDIT RATINGS AND MOODY'S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY'S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY'S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY'S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY'S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED,DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT.

All information contained herein is obtained by MOODY'S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided "AS IS" without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY'S is not an auditor and cannot in every instance independently verify or validate information received in the rating process. Under no circumstances shall MOODY'S have any liability to any person or entity for (a) any loss or damage in whole or in part caused by, resulting from, or relating to, any error negligent or otherwise or other circumstance or contingency within or outside the control of MOODY'S or any of its directors, officers, employees or agents in connection with the procurement, collection, compilation, analysis, interpretation, communication, publication or delivery of any such information, or (b) any direct, indirect, special, consequential, compensatory or incidental damages whatsoever (including without limitation, lost profits), even if MOODY'S is advised in advance of the possibility of such damages, resulting from the use of or inability to use, any such information. The ratings, financial reporting analysis, projections, and other observations, if any, constituting part of the information contained herein are, and must be construed solely as, statements of opinion and not statements of fact or recommendations to purchase, sell or hold any securities. Each user of the information contained herein must make its own study and evaluation of each security it may consider purchasing, holding or selling.

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY SUCH RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY'S IN ANY FORM OR MANNER WHATSOEVER.

MIS, a wholly-owned credit rating agency subsidiary of Moody's Corporation ("MCO"), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MIS have, prior to assignment of any rating, agreed to pay to MIS for appraisal and rating services rendered by it fees ranging from $1,500 to approximately $2,500,000. MCO and MIS also maintain policies and procedures to address the independence of MIS's ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading "Shareholder Relations -- Corporate Governance -- Director and Shareholder Affiliation Policy."

Any publication into Australia of this document is by MOODY'S affiliate, Moody's Investors Service Pty Limited ABN 61 003 399 657, which holds Australian Financial Services License no. 336969. This document is intended to be provided only to "wholesale clients" within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY'S that you are, or are accessing the document as a representative of, a "wholesale client" and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to "retail clients" within the meaning of section 761G of the Corporations Act 2001.

Notwithstanding the foregoing, credit ratings assigned on and after October 1, 2010 by Moody's Japan K.K. ("MJKK") are MJKK's current opinions of the relative future credit risk of entities, credit commitments, or debt or debt-like securities. In such a case, "MIS" in the foregoing statements shall be deemed to be replaced with "MJKK". MJKK is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly owned by Moody's Overseas Holdings Inc., a wholly-owned subsidiary of MCO.

This credit rating is an opinion as to the creditworthiness or a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors. It would be dangerous for retail investors to make any investment decision based on this credit rating. If in doubt you should contact your financial or other professional adviser.

Artikel empfehlen?

Nachrichten zu Finmeccanica S.p.A.

  • Relevant
  • Alle
  • vom Unternehmen
  • Peer Group
  • ?
Um Ihnen die Übersicht über die große Anzahl an Nachrichten, die jeden Tag für ein Unternehmen erscheinen, etwas zu erleichtern, haben wir den Nachrichtenfeed in folgende Kategorien aufgeteilt:

Relevant: Nachrichten von ausgesuchten Quellen, die sich im Speziellen mit diesem Unternehmen befassen
Alle: Alle Nachrichten, die dieses Unternehmen betreffen. Z.B. auch Marktberichte die außerdem auch andere Unternehmen betreffen
vom Unternehmen: Nachrichten und Adhoc-Meldungen, die vom Unternehmen selbst veröffentlicht werden
Peer Group: Nachrichten von Unternehmen, die zur Peer Group gehören

RSS Feed

Analysen zu Finmeccanica S.p.A.

  • Alle
  • Buy
  • Hold
  • Sell
  • ?
12.02.2013Finmeccanica kaufenCheuvreux SA
12.11.2012Finmeccanica sellSociété Générale Group S.A. (SG)
09.11.2012Finmeccanica equal-weightMorgan Stanley
02.11.2012Finmeccanica sellSociété Générale Group S.A. (SG)
30.10.2012Finmeccanica underperformExane-BNP Paribas SA
12.02.2013Finmeccanica kaufenCheuvreux SA
21.11.2011Finmeccanica kaufenDie Actien-Börse
11.03.2011Finmeccanica buyUniCredit Research
04.03.2011Finmeccanica buyUniCredit Research
08.01.2010Finmeccanica kaufenNational-Bank AG
09.11.2012Finmeccanica equal-weightMorgan Stanley
02.08.2012Finmeccanica holdSociété Générale Group S.A. (SG)
01.08.2012Finmeccanica equal-weightMorgan Stanley
18.07.2012Finmeccanica holdSociété Générale Group S.A. (SG)
27.06.2012Finmeccanica holdSociété Générale Group S.A. (SG)
12.11.2012Finmeccanica sellSociété Générale Group S.A. (SG)
02.11.2012Finmeccanica sellSociété Générale Group S.A. (SG)
30.10.2012Finmeccanica underperformExane-BNP Paribas SA
13.09.2012Finmeccanica sellSociété Générale Group S.A. (SG)
01.08.2012Finmeccanica underperformExane-BNP Paribas SA
Um die Übersicht zu verbessern, haben Sie die Möglichkeit, die Analysen für Finmeccanica S.p.A. nach folgenden Kriterien zu filtern.

Alle: Alle Empfehlungen
Buy: Kaufempfehlungen wie z.B. "kaufen" oder "buy"
Hold: Halten-Empfehlungen wie z.B. "halten" oder "neutral"
Sell: Verkaufsempfehlungn wie z.B. "verkaufen" oder "reduce"

Für den Live-Chat können Sie sich mit Ihrem finanzen.net-, Facebook- oder Twitter Account anmelden. Um immer die neusten Beiträge zu sehen, stellen Sie bitte "Neuesten" ein.

Heute im Fokus

DAX schließt mit Gewinn -- Dow etwas fester -- E.ON und RWE setzen sich an DAX-Spitze -- US-Konsumenten sorgen für positive Überraschung bei Wachstum -- Twitter, Bayer im Fokus

US-Konsumenten sorgen für positive Wachstumsüberraschung. METRO verkauft Großhandelsgeschäft in Griechenland. Sony vor Ende der Partnerschaft mit FIFA. Telefónica streicht bei Stellenabbau auch 150 Managementposten. Bundesbank: Niedrigzinsphase birgt Gefahr für Übertreibungen.
Diese Aktien sind auf den Verkauflisten der Experten

Wenn Zukunft Gegenwart wird

Diese Aktien sind auf den Kauflisten der Experten

Umfrage

Der milliardenschwere "Soli" soll nach dem Willen von Rot-Grün ab dem Jahr 2020 auch den Ländern und Kommunen im Westen Deutschlands zugutekommen. Was halten Sie von diesem Vorhaben?

Anzeige