Fitch Affirms Thales at 'BBB+'; Revises Outlook to Stable; Withdraws Ratings

Tue Jul 23, 2013 10:40am EDT

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(The following statement was released by the rating agency) LONDON/PARIS/WARSAW, July 23 (Fitch) Fitch Ratings has affirmed Thales SA's (Thales) Long-term Issuer Default Rating (IDR) and senior unsecured rating at 'BBB+'. The Outlook has been revised to Stable from Negative. The agency has simultaneously withdrawn all the ratings. The revision of the Outlook to Stable is based on Fitch's belief that the threat of the company breaching any of its downgrade guidelines in the short to medium-term has largely faded. While the financial profile remains essentially moderate for the 'BBB+' rating, especially pertaining to the funds from operations margin, Thales retains a sound balance sheet with solid liquidity and financial flexibility as well as consistently decent free cash flow generation. Fitch has decided to discontinue the ratings, which are uncompensated. Contact: Principal Analyst Thomas Corcoran Analyst +44 20 3530 1231 Supervisory Analyst Tom Chruszcz Director +48 22 338 6294 Fitch Polska SA Krolewska 16 Warsaw 00-103 Committee Chairperson Emmanuel Bulle Senior Director +34 93 323 84 11 Media Relations: Peter Fitzpatrick, London, Tel: +44 20 3530 1103, Email: Additional information is available at For regulatory purposes in various jurisdictions, the supervisory analyst named above is deemed to be the primary analyst for this issuer; the principal analyst is deemed to be the secondary. Applicable criteria, "Corporate Rating Methodology" dated 8 August 2012 are available at Applicable Criteria and Related Research: Corporate Rating Methodology here Additional Disclosure Solicitation Status here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.