Finmeccanica SpA http://www.alacrastore.com/company-snapshot/Finmeccanica_SpA-1036652 Monday, October 13, 2008 11:02:52 PM 1036652 Finmeccanica SpA en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/fitch/439956_pr_framefitch/439956_pr_framehtmlFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.BAE Systems Holdings, Inc.BAE Systems plcEuropean Aeronautic Defence and Space Co., (EADS)Finmeccanica SpARolls Royce Group plcThales S.A.8036000080360708805044188050659281016496828287259/30/2008 10:16:00 AM0100000001030000010306000103150085Press ReleaseBAEADFNCHORR439956_pr_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/fitch/401828_report_framefitch/401828_report_framepdfFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.DRS Technologies, Inc.Finmeccanica SpA80360708823213119/16/2008 2:19:55 PM01000000010300000103060001031500425Full Rating ReportDRSFNC401828_report_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/bir/515892bir/515892normFinmeccanica S.p.A.Compagnie de Signaux et d'Equipments ElectroniquesItalyManufacturing: Holding company with interests in the design and production of aeronautical and aerospace equipment including civil and military aircraft, defence systems, air traffic control systems and space systems; power generation; railway systems; se37283511362136253699372137613764381267193364133336113345113353123353143359993364113364143364155511129IMFCN9/6/2008 6:15:30 AM515892Company Profiles & FinancialsGale Company Profileshttp://www.alacrastore.com/storecontent/fitch/432056_pr_framefitch/432056_pr_framehtmlFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Finmeccanica Finance S.A.Finmeccanica SpASukhoi Civil Aircraft CJSC8036070880828179872243759/3/2008 10:19:00 AM0100000001030000010306000103150085Press ReleaseFNC432056_pr_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/fitch/428637_pr_framefitch/428637_pr_framehtmlFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.AB ElectroluxAB VolvoAir Liquide S.A.Akzo Nobel N.V.Arcelik A.S.BAE Systems plcBASF SECemex Espana S.A.Ciba Holding Inc.Cognis GmbhCompagnie Financiere Michelin (CFM)Continental AGCRH plcDaimler AGEurochem Mineral And Chemical Company JscEuropean Aeronautic Defence and Space Co., (EADS)Fiat SpAFinmeccanica SpAFord Otosan A.S.GKN Holdings plcHeidelbergCement AGHolcim LtdKazanorgsintez JSCKoninklijke DSM N.V.Lafarge S.A.Lanxess AGLyondellBasell Industries AF S.C.ANizhnekamskneftekhimOAO Kontsern StirolPetkim Petrokimya Holding A.S.Pfleiderer AGPSA Peugeot Citroen S.A.Renault SARhodia S.A.Robert Bosch GmbHRolls Royce Group plcSABIC Europe BVSaint Gobain S.A.Saudi Basic Industries Corporation (SABIC)SIBUR Holding OJSCSolvay SAThales S.A.Vestel Elektronik Sanayi ve TicaretVolkswagen AG80090305803595788035994380360000803602128036051580360517803605248036070880360751803611538036126680361286803612888036133980361368804609688050441880506592806221928063842281023431819133198207994882291694823062948250791682557725828287258303273183209014832242718325412083309480834888718361246583746465837718658383786583942865839596668401726984667073847482708/7/2008 2:20:00 PM01000000010300000103060001030900010309010103110001031300010313010103130201031400010315000103170385Press Release012053131902010AIAKZAARCLKBABASCIBNCONCRHDAIDSMEADELUX BFFNCHEIHOHOLNKZOSLXSNKNCPETKMPFD4RHARRSGOSOLBSTIRUGVESTLVOLV AVOW428637_pr_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/spcred/663587spcred/663587normThe latest News from S&Pglobal8/6/2008 8:31:00 AM100News663587ItalyAerospace & DefenseEurope, Middle East, AfricaGlobal IssuersCorporationsCapital GoodsAerospace & DefenseHigh TechnologyNewsFRANKFURT (Standard&Poor's) Aug. 6, 2008--Standard&Poor's Ratings Services said today its 'BBB' long-term and 'A-2' short-term corporate credit ratings on Italian defense group Finmeccanica SpA remain on CreditWatch with negative implications, where they were placed on May 13, 2008, following the group's announcement that it had signed a definitive agreement to acquire 100% of U.S.-based defense company DRS Technologies Inc. (BB-/Watch Pos/--) for a consideration of $5.2 billion (€3.4 billion), including approximately $1.2 billion in net debt. "The CreditWatch status reflects the increase in debt required to fund the acquisition, which could place financial ratios under pressure at the 'BBB' rating level," said Standard&Poor's credit analyst Werner Staeblein. Should the acquisition proceed, we expect debtITA31802720101010 201010 2010 20Finmeccanica SpA108556EUROMIDAFRFNC@IMNEWSGLOBISSCORPCapitalAerospaceHighCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/663588spcred/663588normThe latest Research Update from S&Pglobal8/6/2008 8:31:00 AM175Research Update663588ItalyAerospace & DefenseEurope, Middle East, AfricaGlobal IssuersCorporationsCapital GoodsHigh TechnologyAerospace & DefenseResearch UpdateOn Aug. 6, 2008, Standard&Poor's Ratings Services said its 'BBB' long-term and 'A-2' short-term corporate credit ratings on Italian defense group Finmeccanica SpA remain on CreditWatch with negative implications, where they were placed on May 13, 2008, following the group's announcement that it had signed a definitive agreement to acquire 100% of U.S.-based defense company DRS Technologies Inc. (BB-/Watch Pos/--) for a consideration of $5.2 billion (€3.4 billion), including approximately $1.2 billion in net debt. The CreditWatch status reflects the increase in debt required to fund the acquisition, which could place financial ratios under pressure at the 'BBB' rating level. Should the acquisition proceed, we expect debt levels to increase substantially, which could result in a weakening ofITA31802720101010 201010 2010 20Finmeccanica SpA108556EUROMIDAFRFNC@IMRESUPDUSANLD23330X86101223330U45301020 453010 4530 4520101010 201010 2010 20STMicroelectronics N.V.DRS Technologies Inc.323433352572ASIAEUROMIDAFRUSALATAMERICAEMERGINGSTM@FPDRSGLOBISSCORPCapitalHighAerospaceCredit & Investment ResearchS&P Credit ResearchITALY - Finmeccanica SpA planned to acquire an ##.#% stake, or #.### mil ordinary shares, in Eurotech SpA, an Amaro-based manufacturer and wholesaler of computers, from Mr. Dino Feragotto, Mr. Roberto Chiandussi, and Mr. Giorgio Pezzulli, for #.# euros ($#.### US) per share, or a total value of ##.### mil euros ($##.### mil), in a privately negotiated transaction. The transaction was subject to regulatory approval.5/15/2008 2:37:39 PM31802729957Z31802729957ZFinmeccanica SpAEurotech SpAFinmeccanica SpAEurotech SpAhttp://www.alacrastore.com/storecontent/Thomson_M%26A/Finmeccanica_SpA_acquires_a_minority_stake_in_Eurotech_SpA-1977416040sdc/19774160401977416040Copyright © 2008, Thomson Financial, All Rights ReservedMilanAerospace and AircraftItalyAircraft3721FFForeignPublicFNC1629:Heavy construction, nec3721:Aircraft3761:Guided missiles and space vehicles3812:Search, detection, and navigation equipment1629:Heavy construction, nec3721:Aircraft3761:Guided missiles and space vehicles3812:Search, detection, and navigation equipmentMilan STARComputer and Office EquipmentItalyElectronic computers3571FFForeignPublicEURO105367004Mnfr aircraftMnfr,whl computersCashCash OnlyOrdinary Share951180001May 15 20085.404000.000000.000000.000002.275004.428002.159000.85600191.866000.000000.00000-6.05600-0.13300-4.72000-5.67200111.740000.00000331.21000EUR31 Dec 070.00000706.672000.0000019607.2400034454.66100EURO31 Dec 0731 Dec 0731 Dec 0631 Dec 0531 Dec 0431 Dec 031.460001.000002.000003.000004.000005.000006.000007.000008.000009.0000010.0000011.0000012.0000013.0000014.0000015.0000016.0000017.0000018.0000019.0000020.0000021.0000022.0000023.0000024.0000025.0000026.0000027.0000028.0000029.0000030.00000Finmeccanica SpA, located inRome, Italy, manufactures,design and develop aircraft,helicopters, satellites,missile systems and otherequipment. The Group operatesin six areas: Defence area -integrated air defence systemsand other military systems.Aeronautics area includescomplete civil and militaryaircraft and structural partsfor large commercialairplanes. Transportation areaincludes complete railwaysystems, high speed trains andother equipment. Helicoptersarea includes civil and publicutility helicopters. Energyarea includes construction ofpower plants. Space areaincludes complete spacesystems, satellites fortelecommunications and othercivil and military systems.The Group operates in Italy,Rest of the Europe, NorthAmerica and other parts of theworld. The company was foundedin 1948.Finmeccanica SpA, located in Rome, Italy, manufactures,design and develop aircraft, helicopters, satellites,missile systems and other equipment. The Group operates insix areas: Defence area - integrated air defence systems andother military systems. Aeronautics area includes completecivil and military aircraft and structural parts for largecommercial airplanes. Transportation area includes completerailway systems, high speed trains and other equipment.Helicopters area includes civil and public utilityhelicopters. Energy area includes construction of powerplants. Space area includes complete space systems,satellites for telecommunications and other civil andmilitary systems. The Group operates in Italy, Rest of theEurope, North America and other parts of the world. Thecompany was founded in 1948.Finmeccanica SpA, located in Rome, Italy, manufactures, design and develop aircraft, helicopters, satellites, missile systems and other equipment. The Group operates in six areas: Defence area - integrated air defence systems and other military systems. Aeronautics area includes complete civil and military aircraft and structural parts for large commercial airplanes. Transportation area includes complete railway systems, high speed trains and other equipment. Helicopters area includes civil and public utility helicopters. Energy area includes construction of power plants. Space area includes complete space systems, satellites for telecommunications and other civil and military systems. The Group operates in Italy, Rest of the Europe, North America and other parts of the world. The company was founded in 1948.1.000002.000003.000004.000005.000006.000007.000008.000009.0000010.0000011.0000012.0000013.0000014.0000015.0000016.0000017.0000018.0000019.00000Eurotech SpA is a manufacturerand wholesaler of miniaturizedcomputers (NanoPCs). Thecompany is headquartered inAmaro, Italy and withlocations in the US, France,UK, Finland, Japan, Germanyand China. The company isinvolved in the research,development, production andsale of miniaturized computers(NanoPCs) and high performancecomputing (HPC) computers, andoffer a range of products andservices to customersoperating in the aerospace,transport, security andmanufacturing sectors. Thecompany was founded in 1992.Eurotech SpA is a manufacturer and wholesaler ofminiaturized computers (NanoPCs). The company isheadquartered in Amaro, Italy and with locations in the US,France, UK, Finland, Japan, Germany and China. The companyis involved in the research, development, production andsale of miniaturized computers (NanoPCs) and highperformance computing (HPC) computers, and offer a range ofproducts and services to customers operating in theaerospace, transport, security and manufacturing sectors.The company was founded in 1992.Eurotech SpA is a manufacturer and wholesaler of miniaturized computers (NanoPCs). The company is headquartered in Amaro, Italy and with locations in the US, France, UK, Finland, Japan, Germany and China. The company is involved in the research, development, production and sale of miniaturized computers (NanoPCs) and high performance computing (HPC) computers, and offer a range of products and services to customers operating in the aerospace, transport, security and manufacturing sectors. The company was founded in 1992.0.000000.000000.0000035.46000NEURO13 May 08Tue, 13 May 2008 00:00:00 ESTDate Announced: 05/13/2008Date Effective:Acq. Part. Int.Neutral0.000000.000000.00000163.344000.000004.60000Price/Share0.0000018.108 EURO18.10800163.3440018.108 EURO18.108000.000000.000007.116007.1160018.1080018.108 EURO1.54700N14.401000.000000.000000.000000.000000.0000028.0140028.014000.000000.00000-39.37900-50.524002.134000.000000.0000011.100000.00000-39.329000.00000-50.459002.13200-4.36500-50.459002.1320014080.419008.440007.615006.910000.000000.000000.00000252.697000.000000.000000.00000240.027000.000000.000000.000000.000000.000005.14000-15.29000-6.180001.000002.000003.000004.000005.000006.000007.000008.000009.0000010.0000011.0000012.0000013.0000014.0000015.0000016.00000ITALY - Finmeccanica SpAplanned to acquire an 11.1%stake, or 3.936 mil ordinaryshares, in Eurotech SpA, anAmaro-based manufacturer andwholesaler of computers, fromMr. Dino Feragotto, Mr.Roberto Chiandussi, and Mr.Giorgio Pezzulli, for 4.6euros ($7.116 US) per share,or a total value of 18.108 mileuros ($28.014 mil), in aprivately negotiatedtransaction. The transactionwas subject to regulatoryapproval.ITALY - Finmeccanica SpA planned to acquire an 11.1% stake, or 3.936 mil ordinary shares, in Eurotech SpA, an Amaro-based manufacturer and wholesaler of computers, from Mr. Dino Feragotto, Mr. Roberto Chiandussi, and Mr. Giorgio Pezzulli, for 4.6 euros ($7.116 US) per share, or a total value of 18.108 mil euros ($28.014 mil), in a privately negotiated transaction. The transaction was subject to regulatory approval.ITALY - Finmeccanica SpA planned to acquire an 11.1% stake, or 3.936 mil ordinary shares,in Eurotech SpA, an Amaro-based manufacturer and wholesaler of computers, from Mr. DinoFeragotto, Mr. Roberto Chiandussi, and Mr. Giorgio Pezzulli, for 4.6 euros ($7.116 US) pershare, or a total value of 18.108 mil euros ($28.014 mil), in a privately negotiatedtransaction. The transaction was subject to regulatory approval.ITALY - Finmeccanica SpA planned to acquire an 11.1% stake, or 3.936 mil ordinary shares, in Eurotech SpA, an Amaro-based manufacturer and wholesaler of computers, from Mr. Dino Feragotto, Mr. RobertoChiandussi, and Mr. Giorgio Pezzulli, for 4.6 euros ($7.116 US) per share, or a total value of 18.108 mil euros ($28.014 mil), in a privately negotiated transaction. The transaction was subject toregulatory approval.ITALY - Finmeccanica SpA planned to acquire an 11.1% stake, or 3.936 mil ordinary shares, in Eurotech SpA, an Amaro-based manufacturerand wholesaler of computers, from Mr. Dino Feragotto, Mr. Roberto Chiandussi, and Mr. Giorgio Pezzulli, for 4.6 euros ($7.116 US) pershare, or a total value of 18.108 mil euros ($28.014 mil), in a privately negotiated transaction. The transaction was subject toregulatory approval.$ 28.014 - Mediobanca SpA - Adv0.00000Mediobanca SpA1.00000Pending5432.00000484.0000013429.0000023598.000003.701000.000000.000001.558003.033001.479000.58600131.40900-4.14800-0.091000.022000.080000.000000.00000-0.091000.000000.00000140.8060033.005005.046004.85500-3.233000.572001.064000.20000-0.25600-3.23300-3.885001.911002.003000.60600-0.00100-3.8850076.5310050.7590029.8510018.8110011.7230076.53100226.84600226.84600179.0740051.8780019.6810015.63700Status:PendingEUR-50.49400nm0.000001.243001.2430.000000.000000.0000060.1180059.84500191.86600109.1100095.162000.00000-39.329000.000003571:Electronic computers5045:Computers and peripheral equipment and software5065:Electronic parts and equipment, nec105367004MilanItaly3721ForeignPublicFNC3571:Electronic computers5045:Computers and peripheral equipment and software5065:Electronic parts and equipment, nec951180001Milan STARItaly3571ForeignPublicEURO28.0140018.1080028.0140014.40100Deal InformationTF Mergers & Acquisitionshttp://www.alacrastore.com/storecontent/cs/45489cs/45489norm iTraxx Roll to Series #: The Unbearable Tightness of Being (Invested in the iTraxx) The high grade iTraxx Europe index finished Series # trading at its tightest level. However, the Crossover index's inability to break its tights suggests...42High Yield5/14/2008 11:06:25 AM150The iTraxx European high grade index set a new record tight in September, helped by availability of unused liquidity both to borrowers and investors using it to take leverage.454894829886Yes10191510862corpstrategyhy2941D0Article1017100494610121356193912833241299166797616251627162628197045489Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/moodys/PR_155288_600062427moodys/PR_155288_600062427htmlGlobal Credit Research Rating Action ## MAY #### Rating Action: Finmeccanica Finance S.A. Moody's reviews Finmeccanica's A# for possible downgrade; DRS's debt ratings under review for upgrade Approximately $#.# billion of debt affected...5/14/2008 12:31:50 AMhtmlFinmeccanica Finance S.A.Finmeccanica S.p.A.Finmeccanica Finance S.A.; Finmeccanica S.p.A.600062427600052656150.0000NewsRating ActionPR_155288_600062427Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/fitch/420412_pr_framefitch/420412_pr_framehtmlFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.DRS Technologies, Inc.Finmeccanica Finance S.A.Finmeccanica SpA8036070880828179823213115/13/2008 6:28:00 PM0100000001030000010306000103150085Press ReleaseDRSFNC420412_pr_frameCredit & Investment ResearchFitch ResearchUS - Finmeccanica SPA (FS) definitively agreed to acquire all the outstanding common stock of DRS Technologies Inc (DT), a manufacturer of defense electronic equipment, for $## in cash per share, or a total value of $#.### bil. Originally, FS was rumored to be planning to acquire DT.5/13/2008 2:13:10 PM31802723330X31802723330XFinmeccanica SpADRS Technologies IncFinmeccanica SpADRS Technologies Inchttp://www.alacrastore.com/storecontent/Thomson_M%26A/Finmeccanica_SpA_acquires_DRS_Technologies_Inc-1976738020sdc/19767380201976738020Copyright © 2008, Thomson Financial, All Rights ReservedMilanAerospace and AircraftItalyAircraft3721FFForeignPublicFNC1629:Heavy construction, nec3721:Aircraft3761:Guided missiles and space vehicles3812:Search, detection, and navigation equipment1629:Heavy construction, nec3721:Aircraft3761:Guided missiles and space vehicles3812:Search, detection, and navigation equipmentArnold & PorterNew YorkMeasuring, Medical, Photo Equipment; ClocksUnited StatesSearch, detection, and navigation equipment3812NJNew JerseyPublicDRS105367004Mnfr aircraftMnfr defense electn equipCashCash OnlyCommon StockConvertible NoteOption8465002May 13 200839.1570048.18500382.39000384.24600241.69500192.10000134.2700084.344001619.457000.613001.02500305.586003.22000132.78200197.556003154.958005.518004183.32500EUR31 Dec 070.000001.14000706.672000.0000019607.2400034454.66100EURO31 Dec 0731 Mar 0731 Mar 0631 Mar 0531 Mar 0431 Mar 031.000001.000002.000003.000004.000005.000006.000007.000008.000009.0000010.0000011.0000012.0000013.0000014.0000015.0000016.0000017.0000018.0000019.0000020.0000021.0000022.0000023.0000024.0000025.0000026.0000027.0000028.0000029.0000030.00000Finmeccanica SpA, located inRome, Italy, manufactures,design and develop aircraft,helicopters, satellites,missile systems and otherequipment. The Group operatesin six areas: Defence area -integrated air defence systemsand other military systems.Aeronautics area includescomplete civil and militaryaircraft and structural partsfor large commercialairplanes. Transportation areaincludes complete railwaysystems, high speed trains andother equipment. Helicoptersarea includes civil and publicutility helicopters. Energyarea includes construction ofpower plants. Space areaincludes complete spacesystems, satellites fortelecommunications and othercivil and military systems.The Group operates in Italy,Rest of the Europe, NorthAmerica and other parts of theworld. The company was foundedin 1948.Finmeccanica SpA, located in Rome, Italy, manufactures,design and develop aircraft, helicopters, satellites,missile systems and other equipment. The Group operates insix areas: Defence area - integrated air defence systems andother military systems. Aeronautics area includes completecivil and military aircraft and structural parts for largecommercial airplanes. Transportation area includes completerailway systems, high speed trains and other equipment.Helicopters area includes civil and public utilityhelicopters. Energy area includes construction of powerplants. Space area includes complete space systems,satellites for telecommunications and other civil andmilitary systems. The Group operates in Italy, Rest of theEurope, North America and other parts of the world. Thecompany was founded in 1948.Finmeccanica SpA, located in Rome, Italy, manufactures, design and develop aircraft, helicopters, satellites, missile systems and other equipment. The Group operates in six areas: Defence area - integrated air defence systems and other military systems. Aeronautics area includes complete civil and military aircraft and structural parts for large commercial airplanes. Transportation area includes complete railway systems, high speed trains and other equipment. Helicopters area includes civil and public utility helicopters. Energy area includes construction of power plants. Space area includes complete space systems, satellites for telecommunications and other civil and military systems. The Group operates in Italy, Rest of the Europe, North America and other parts of the world. The company was founded in 1948.1.000002.000003.000004.000005.000006.00000DRS Technologies Inc, locatedin Parsippany, New Jersey,manufactures electronic signalprocessing and display systemsfor the defense, government,and commercial markets.DRS Technologies Inc, located in Parsippany, New Jersey,manufactures electronic signal processing and displaysystems for the defense, government, and commercial markets.DRS Technologies Inc, located in Parsippany, New Jersey, manufactures electronic signal processing and display systems for the defense, government, and commercial markets.0.000000.000000.0000048.78000YU.S. Dollar13 May 08Tue, 13 May 2008 00:00:00 ESTDate Announced: 05/13/2008Date Effective:MergerFriendly0.000000.000000.000005485.934000.0000081.00000Price/Share0.000003874.51 U.S. Dollar3874.515003874.266005486.18 U.S. Dollar5486.183000.000000.0000081.0000081.000005486.183005486.18 U.S. Dollar1.00000N1982.255000.000000.000000.000000.000000.000003874.515003874.5150010.1320014.3460017.9520041.315001.739000.000000.00000100.0000014.3470017.953003.3880041.317001.7390018.0930029.180001.228000.0000041.4300046.096000.504005485.9340022.1810018.543001654.335000.000001619.4570049.5890036.0780045.5500043.253001.000002.000003.000004.000005.000006.000007.000008.000009.0000010.00000US - Finmeccanica SPA (FS)definitively agreed to acquireall the outstanding commonstock of DRS Technologies Inc(DT), a manufacturer ofdefense electronic equipment,for $81 in cash per share, ora total value of $3.875 bil.Originally, FS was rumored tobe planning to acquire DT.US - Finmeccanica SPA (FS) definitively agreed to acquire all the outstanding common stock of DRS Technologies Inc (DT), a manufacturer of defense electronic equipment, for $81 in cash per share, or a total value of $3.875 bil. Originally, FS was rumored to be planning to acquire DT.US - Finmeccanica SPA (FS) definitively agreed to acquire all the outstanding common stockof DRS Technologies Inc (DT), a manufacturer of defense electronic equipment, for $81 incash per share, or a total value of $3.875 bil. Originally, FS was rumored to be planningto acquire DT.US - Finmeccanica SPA (FS) definitively agreed to acquire all the outstanding common stock of DRS Technologies Inc (DT), a manufacturer of defense electronic equipment, for $81 in cash per share, or atotal value of $3.875 bil. Originally, FS was rumored to be planning to acquire DT.US - Finmeccanica SPA (FS) definitively agreed to acquire all the outstanding common stock of DRS Technologies Inc (DT), a manufacturerof defense electronic equipment, for $81 in cash per share, or a total value of $3.875 bil. Originally, FS was rumored to be planning toacquire DT.$ 5,486.183 - Lehman Brothers - Adv$ 5,486.183 - Goldman Sachs & Co - F Opin$ 5,486.183 - Mediobanca SpA - F Opin0.000000.000000.00000Lehman BrothersGoldman Sachs & CoMediobanca SpA1.000002.000003.00000Bear Stearns & Co IncMerrill Lynch & Co Inc1.000002.00000$ 5,486.183 - Bear Stearns & Co Inc - Adv,F Opin$ 5,486.183 - Merrill Lynch - Adv,F Opin0.000000.00000Pending5432.00000484.0000013429.0000023598.0000039.15700382.39000384.24600241.69500192.10000134.2700084.344001619.45700305.586003.120002.670002.090001.800001.580003.220001619.457001502.450001351.58000671.42800595.62500438.18000127.0600081.4940059.9770044.7200030.17100132.78200188.59400135.05000105.1230081.1010057.45000197.556002821.113001735.532001308.600001001.25000675.762003154.958004183.325004213.110004019.494001891.998001595.38800972.12100Status:PendingUS25.1550025.1550.063002.069002.06933.9410034.604008.1990046.8270042.941001619.4570049.2250044.2850010.1320012.679002.392003679:Electronic components, nec3812:Search, detection, and navigation equipment105367004MilanItaly3721ForeignPublicFNC3679:Electronic components, nec3812:Search, detection, and navigation equipment8465002New YorkUnited States3812New JerseyPublicDRS3874.515005486.183005486.183002806.80600Skadden, Arps, Slate, Meagher & FlomDeal InformationTF Mergers & Acquisitionshttp://www.alacrastore.com/storecontent/spcred/647828spcred/647828normThe latest News from S&Pglobal5/13/2008 10:36:25 AM100News647828ItalyAerospace & DefenseEurope, Middle East, AfricaGlobal IssuersCorporationsAerospace & DefenseCapital GoodsHigh TechnologyNewsLONDON (Standard&Poor's) May 13, 2008--Standard&Poor's Ratings Services said today it placed its 'BBB' long-term and 'A-2' short-term corporate credit ratings on Italian defense group Finmeccanica SpA on CreditWatch with negative implications. This follows the group's announcement that it has signed a definitive merger agreement under which Finmeccanica will acquire 100% of U.S.-based defense company DRS Technologies Inc. (BB-/Stable/--) for $81 per share in cash. The transaction is valued at $5.2 billion (€3.4 billion), including approximately $1.2 billion in net debt. "The CreditWatch placement reflects the increase in debt required to fund the acquisition, which could place financial ratios under pressure at the 'BBB' rating level," said Standard&Poor's credit analyst Leigh Bailey. Should the acquisitionITA31802720101010 201010 2010 20Finmeccanica SpA108556EUROMIDAFRFNC@IMNEWSGLOBISSCORPAerospaceCapitalHighCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/647829spcred/647829normThe latest Research Update from S&Pglobal5/13/2008 10:36:25 AM175Research Update647829ItalyAerospace & DefenseEurope, Middle East, AfricaGlobal IssuersCorporationsCapital GoodsHigh TechnologyAerospace & DefenseResearch UpdateOn May 13, 2008, Standard&Poor's Ratings Services placed its 'BBB' long-term and 'A-2' short-term corporate credit ratings on Italian defense group Finmeccanica SpA on CreditWatch with negative implications. This follows the group's announcement that it has signed a definitive merger agreement under which Finmeccanica will acquire 100% of U.S.-based defense company DRS Technologies Inc. (BB-/Stable/--) for $81 per share in cash. The transaction is valued at $5.2 billion (€3.4 billion), including approximately $1.2 billion in net debt. The CreditWatch placement reflects the increase in debt required to fund the acquisition, which could place financial ratios under pressure at the 'BBB' rating level. Should the acquisition proceed, we expect debt levels to increase substantially, which could result in aITA31802720101010 201010 2010 20Finmeccanica SpA108556EUROMIDAFRFNC@IMRESUPDGLOBISSCORPCapitalHighAerospaceCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/fitch/420312_pr_framefitch/420312_pr_framehtmlFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.DRS Technologies, Inc.Finmeccanica Finance S.A.Finmeccanica SpA8036070880828179823213115/13/2008 10:15:00 AM0100000001030000010306000103150085Press ReleaseDRSFNC420312_pr_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/spcred/637614spcred/637614normThe latest Summary from S&P3/20/2008 1:17:00 PMSummary175global637614ItalyAerospace & DefenseEurope, Middle East, AfricaGlobal IssuersCorporationsCapital GoodsHigh TechnologyAerospace & DefenseSummaryThe ratings on Italy-based aerospace and defense group Finmeccanica SpA are supported by its highly diversified positions in the European aerospace and defense industry; favorable business mix, which is skewed toward predictable military activities; and moderate financial policy. The ratings are constrained, however, by some reliance on the domestic Italian military market; the group's modest, but improving, level of profitability; and the weaker business positions of some of its cyclical noncore activities. Total adjusted financial debt was approximately €2.9 billion on Dec. 31, 2007. Finmeccanica's business is well diversified between civil- and defense-related activities. The relatively predictable military business accounts for about 55% of total revenues, but approximately 80% of core revenues, thereby predominating over the more cyclical civilian businesses.ITA31802720101010 201010 2010 20Finmeccanica SpA108556EUROMIDAFRFNC@IMSUMMARYGLOBISSCORPCapitalHighAerospaceCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/fitch/379102_report_framefitch/379102_report_framepdfFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Finmeccanica Finance S.A.Finmeccanica SpA80360708808281793/20/2008 10:15:00 AM01000000010300000103060001031500165Credit UpdateFNC379102_report_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/fitch/371382_report_framefitch/371382_report_framepdfFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.BAE Systems Holdings, Inc.BAE Systems Land & ArmamentsBAE Systems plcBombardier Capital Inc.Bombardier Inc.Denel (Pty) LimitedEuropean Aeronautic Defence and Space Co., (EADS)Finmeccanica Finance S.A.Finmeccanica SpAGoodrich CorporationHoneywell Holding B.V.Honeywell International Inc.L-3 Communications CorporationLockheed Martin CorporationNorthrop Grumman CorporationRaytheon CompanyRockwell Collins, Inc.Textron Financial CorporationTextron, Inc.Thales S.A.The Boeing CompanyUnited Technologies Corporation80089052800890538008928880090456800904578009054280090569800907308009094880091072800911488009115680091182800915378009175680360000803607088036171680362335804171798042056880504418805065928082817981016496816589202/7/2008 6:33:00 PM01000000010101000101020001010207010300000103060001031500250Special ReportBABBD.BCOLEADFNCGRHOHONLMTNOCRTNTXTUTX371382_report_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/fitch/369442_report_framefitch/369442_report_framepdfFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Alliant Techsystems, Inc.BAE Systems Holdings, Inc.Bombardier Inc.DRS Technologies, Inc.European Aeronautic Defence and Space Co., (EADS)Finmeccanica SpAGeneral Dynamics CorporationGoodrich CorporationHoneywell International Inc.ITT CorporationL-3 Communications CorporationLockheed Martin CorporationNorthrop Grumman CorporationRaytheon CompanyRockwell Collins, Inc.Rolls Royce Group plcTextron, Inc.Thales S.A.The Boeing CompanyTransDigm IncUnited Technologies Corporation8008905380089176800892888009045680090542800909488009107280091148800911828036070880361502803617168042056880504418805065928101649681658920823213118282872583182852853342731/25/2008 2:16:00 PM010000000103000001030600010315000104000001070000250Special ReportATKBABBD.BCOLDRSEADFNCGDGRHOHONITTLMTNOCRRRTNTXTUTX369442_report_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/moodys/COP_600052656moodys/COP_600052656htmlCredit Opinion1/24/2008 4:15:27 PMGlobal Credit Research Credit Opinion ## JAN #### Credit Opinion: Finmeccanica S.p.A. Finmeccanica S.p.A. Rome, Italy Ratings Category Moody's Rating Outlook Stable Senior Unsecured -Dom Curr A# Finmeccanica Finance S.A. Outlook Stable...Finmeccanica S.p.A.600052656150.0000NewshtmlFinmeccanica S.p.A.COP_600052656Credit & Investment ResearchMoody's Global Credit Research