S&P affirms Leonardo

S&P said it affirmed its BB+/B long- and short-term issuer credit ratings on Leonardo SpA.

The outlook is stable.

At the same time, the agency affirmed the BB+ issue rating on the company's unsecured notes. The 3 recovery rating is unchanged, reflecting an expectation of about 55% recovery (rounded estimate) in the event of a default.

S&P said the affirmation reflects that Leonardo has mitigated the impact of ongoing weakness of the helicopter market and some operating issues affecting its core business with accelerated deleveraging.

“We project its adjusted funds from operations (FFO) to debt will be 25%-30% over 2018-2020,” the agency said in a news release.

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