Fitch affirms Thales ratings

Fitch Ratings said it affirmed Thales SA's ratings at senior unsecured A- and short-term F2.

The outlook is stable.

According to Fitch, the ratings reflect its strong commercial ties with the French and UK Ministries of Defense, which have the two largest defense budgets in Europe, and a diversified contract base, which reduces the risk of underperformance in any single program.

Fitch said it believes Thales' strong market position in defense, the recovery of the commercial aerospace market and the restructuring measures undertaken in a number of businesses will allow for a stable or slightly improving financial performance.

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