The session on the Finmeccanica Stock Exchange opened slightly lower, which, after the cut of the rating by Fitch, lost 0,60%, to 3,618 euros per share.
The rating agency downgraded its rating on the Italian group from BBB- to BB+, with a negative outlook. “Consequently – reads a note – we believe that Finmeccanica will no longer have the financial profile expected of a category company investment grade over the relevant rating horizon”.
The downgrade reflects Fitch's opinion on the financial objectives set by Finmeccanica in relation to debt reduction and cash generation in the short term, objectives, according to the agency, difficult to achieve, due to a still stagnant market and delays in the process of divestment of civil assets, such as Ansaldo Energia, in which the interest of the Koreans of Doosan remains alive.
