Moody's cut its rating outlook by to “negative”. Finmeccanica. For the moment, the rating is instead confirmed at Baa3, the last level before the junk area.
The negative outlook, explains Moody's in a note, reflects the greater difficulties for the company in achieving an operational and financial profile consistent with its rating against the background of weak spending prospects in the defense sector, in the company's reference markets, and the need to complete the asset disposal process to reduce the company's high leverage exposure.
“The arrest of CEO Giuseppe Orsi complicates these objectives – adds Moody's -. At the very least, the arrest and related investigation will be a distraction for management."
Orsi's guarantee interrogation will take place tomorrow morning in the Busto Arsizio prison. In the afternoon, however, Bruno Spagnolini, CEO of Agusta Westland, will be questioned after receiving a precautionary custody order under house arrest for the same accusation against Orsi, i.e. international corruption.
Spagnolini's interrogation will be held in the offices of the Busto Arsizio court. According to the hypothesis formulated by the investigators, the two managers would have paid a bribe in India to get Agusta Westland to obtain an order for 12 helicopters in the Asian country.
At the beginning of the afternoon, Finmeccanica's stock dropped more than one and a half points.
