Fitch upgrades Leonardo to BBB-

Fitch Ratings said it upgraded Leonardo SpA's long-term issuer default rating and senior unsecured bonds to BBB- and short-term issuer default rating to F3.

The outlook is stable.

“The upgrade reflects the improvement in business profile and resilience following the repositioning of the company's portfolio away from non-core areas, as well as improvements in the financial profile,” Fitch said in a news release.

“The FY16 funds from operation (FFO) margin was maintained at 10.8%, and the FCF margin was strong at 5.6%, despite significant market headwinds in the core helicopter division; this demonstrates the improvement in business profile, which we now consider consistent with an investment-grade rating.”

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