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Rating Action:

MOODY'S ABAISSE LES NOTATIONS D'AIRBUS INDUSTRIE (SENIOR A A1 )

20 Feb 1996
MOODY'S ABAISSE LES NOTATIONS D'AIRBUS INDUSTRIE (SENIOR A A1 ) New York, 02-20-96 -- Moody's a abaiss‚ la notation de la dette senior d'Airbus Industrie (Airbus) de Aa3 … A1. Cet abaissement reflŠte la d‚t‚rioration de la qualit‚ de cr‚dit des deux principaux membres du consortium et le potentiel accru concernant des changements structurels qui pourraient ˆtre apport‚s … sa structure juridique. Selon Moody's, alors que l'activit‚ op‚rationnelle d'Airbus pourrait b‚n‚ficier de tels changements, les obligations des membres actuels du consortium envers ses futurs cr‚anciers en seraient amoindries. D'aprŠs le statut actuel d'Airbus -- un Groupement d'Int‚rˆt Economique --, tous ses membres sont pr‚sentement redevables conjointement et solidairement de la dette actuelle d'Airbus, et cette obligation survivrait tous futurs changements de structure de l'entreprise.
L'‚tude de l'agence de notation a port‚ sur 3 points principaux : a) la qualit‚ de cr‚dit des membres d'Airbus; b) l'impact des ‚ventuels changements de structure; c) les perspectives d'‚volution de la performance op‚rationnelle d'Airbus et de son autofinancement.
Selon Moody's, la qualit‚ de cr‚dit des 2 principaux membres d'Airbus -- Daimler Benz Aerospace Airbus et l'A‚rospatiale -- s'est affaiblie. Daimler Benz Aerospace Airbus a ‚t‚ affect‚ par la d‚gradation de l'activit‚ a‚ronautique de sa maison mŠre, Daimler Benz. De fait, les notations de certaines filiales garanties de Daimler Benz AG ont ‚t‚ r‚cemment abaiss‚es de Aa3 … A1. L'agence de notation souligne ‚galement l'alt‚ration progressive de la qualit‚ de cr‚dit de l'A‚rospatiale (actuellement not‚ Prime1 pour ses ‚missions de papier commercial) en raison d'une ‚volution d‚favorable de sa performance op‚rationnelle et de l'‚rosion graduelle du lien unissant le groupe … l'‚tat fran‡ais. L'A‚rospatiale fait partie des entreprises privatisables selon la liste rendue publique par les autorit‚s fran‡aises.
En ce qui concerne des changements potentiels de structure, Moody's constate que les membres du consortium ont mis en cours un certain nombre d'‚tudes qui, bien qu'elles n'induisent pas obligatoirement un changement radical de la structure du consortium, pourraient neanmoins reduire l'engagement direct des membres d'Airbus envers ses cr‚anciers. A terme, la notation d'Airbus reposera donc plus sur ses fondamentaux et moins sur le soutien structurel de ses membres.
Cette notation reflŠte ‚galement l'‚largissement de la gamme d'Airbus et sa croissance sur le march‚ des avions civils. Le consortium devrait rester durablement l'un des deux principaux acteurs sur ce march‚ et repr‚sente un succŠs remarquable pour avoir atteint une position de premier plan une vingtaine d'ann‚es aprŠs sa cr‚ation. N‚anmoins, dans un march‚ extrˆmement concurrentiel, la performance op‚rationnelle d'Airbus et son autofinancement seront affect‚s par plusieurs facteurs : les pressions constantes sur les prix de vente de ses appareils; sa base de co–ts en monnaies europ‚ennes dans un march‚ a‚ronautique exprim‚ en dollars; son exposition significative au risque li‚ au financement de ses clients, appel‚e probablement … s'accroŒtre; et l'importance des ‚ventuels programmes d'investissement destin‚s au d‚veloppement de nouveaux appareils.
Airbus Industrie, dont le siŠge social est bas‚ … Blagnac, est l'un des principaux constructeurs d'avions civils. Les membres du consortium sont Daimler-Benz Aerospace Airbus (notation … long terme de Daimler Benz AG : A1) 37.9%, A‚rospatiale (non not‚ … long terme, notation … court terme : Prime-1) 37.9%, British Aerospace (A3/Prime-2) 20%, et CASA (non not‚) 4.2%.

No Related Data.
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