Finmeccanica on the shields in Piazza Affari. By mid-morning, the defense giant's share on the Stock Exchange gained more than three points, clearly leading the rises of the Ftse Mib. The wave of purchases is fueled by the hypothesis of a spin-off: according to press rumors confirmed by the Deputy Minister of Economy Stefano Fassina, Ansaldo Breda, Ansaldo Energia and Ansaldo Sts could be transferred to CDP through the subsidiary Fintecna, thus creating a transport hub with possible international industrial partners.
Meanwhile, Prime Minister Enrico Letta's road show in the US to solicit investments in Italy kicks off today and representatives of the main trade unions meet the management of Finmeccanica, whose long-term debt was demoted on Friday to junk level from Moody's. The American agency downgraded the group's long-term debt rating from Baa3 to Ba1 (the outlook remains negative), underlining that "the downgrade incorporates the expectation of a slower pace of improvement in Finmeccanica's overall operating performance and of the credit profile”.
