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Fitch Ratings predicts improved prospects for Europe's A&D sector
By Keri Wagstaff-Smith
3/11/2010
The European aerospace and defence (A&D) sector is likely to see an improvement in trading conditions in the next 12 months, following the decline in 2009, according to Fitch Ratings.
In a statement, released on 10 March, the global ratings agency said that it expects flat margins and cash generation in 2010, before a "slight pick-up" in 2011.
Fitch also noted that the extent of the A&D decline in 2009 has been "relatively mild" in comparison with other industrial sectors: an indication of the "generally favourable industry conditions which underpin Fitch's stable outlook for the A&D sector", which is "characterised by large order backlogs and strong balance sheets".
Fitch based its findings on the Fiscal Year 2009 results of five European A&D companies: BAE Systems (which Fitch has rated BBB+/Stable/F2); Rolls-Royce (A-/Stable/F2/); Thales (A-/Negative/F2); EADS (BBB+/Stable/F2) and Finmeccanica (BBB+/Stable/F2).
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