Thales S.A. http://www.alacrastore.com/company-snapshot/Thales_S_A-1016620 Tuesday, October 14, 2008 6:12:04 AM 1016620 Thales S.A. 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/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/fitch/393770_report_framefitch/393770_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.L-3 Communications CorporationUnited Technologies CorporationGeneral Dynamics CorporationLockheed Martin CorporationRolls Royce Group plcHoneywell International Inc.BAE Systems Holdings, Inc.ITT CorporationEuropean Aeronautic Defence and Space Co., (EADS)DRS Technologies, Inc.TransDigm IncRockwell Collins, Inc.Northrop Grumman CorporationTextron, Inc.Finmeccanica Finance S.A.Goodrich CorporationThe Boeing CompanyBombardier Inc.Thales S.A.Alliant Techsystems, Inc.Raytheon Company800911828101649680089053803617168009094880828179831828528050441880420568800904568008917680090542816589208009107282828725800892888009114880361502853342738050659282321311804171797/21/2008 10:12:00 AM010400000103150001030000010000000103060001070000275Special ReportHORTNLMTHONATKGRTXTCOLDRSNOCGDBBD.BRRBAUTXITTEAD393770_report_frameCredit & Investment ResearchFitch ResearchUK - Thales UK Ltd (TH), a unit of Thales SA, agreed to launch a tender offer to acquire the entire ordinary share capital of nCipher PLC (NC), a Cambridge-based developer of Internet security products, for # British pounds ($#.### US) in cash, or a total value of ##.### mil pounds ($###.### mil), via a scheme of arrangement. TH received irrevocable undertakings to accept the offer with respect to ##.#% of the company's ordinary share capital. Upon effectivity of the scheme, TH was to exercise its rights to compulsorily acquire all remaining shares not tendered pursuant to the offer and apply for the delisting of NC shares from the London Stock Exchange. The transaction was subject to regulatory and shareholders approvals.7/12/2008 11:20:41 AM88303W63946Y88348N63946YThales UK LtdnCipher PLCThales SAnCipher PLChttp://www.alacrastore.com/storecontent/Thomson_M%26A/Thales_UK_Ltd_acquires_nCipher_PLC-1995217040sdc/19952170401995217040Copyright © 2008, Thomson Financial, All Rights ReservedAerospace and AircraftUnited KingdomAircraft3721FFForeignSubsidiary3721:Aircraft3661:Telephone&telegraph apparatus3669:Communications equipment, nec3677:Electronic coils, transformers, & other inductors3679:Electronic components, nec3769:Guided missile and space vehicle parts, nec3812:Search, detection, and navigation equipment7372:Prepackaged SoftwareLondonPrepackaged SoftwareUnited KingdomPrepackaged Software7372FFForeignPublicNCH932466001Mnfr defense equipDvlp Internet sec softwareCashCash OnlyOrdinary Share683782001Jul 12 20080.8700014.510004.775004.7750020.322004.060002.18300-3.4120014.683000.646000.196004.278000.226005.015006.7630048.006000.2500042.346000.000000.000000.000000.000000.0000031 Dec 0731 Dec 0731 Dec 0631 Dec 0531 Dec 0431 Dec 031.986001.000002.000003.000004.000005.00000Thales UK Ltd, located inSurrey, United Kingdom,manufactures aircraftcarriers. The company is basedat more than 50 locations.Thales UK Ltd, located in Surrey, United Kingdom,manufactures aircraft carriers. The company is based at morethan 50 locations.Thales UK Ltd, located in Surrey, United Kingdom, manufactures aircraft carriers. The company is based at more than 50 locations.1.000002.000003.000004.000005.000006.000007.000008.000009.0000010.0000011.0000012.0000013.0000014.0000015.0000016.0000017.0000018.0000019.0000020.0000021.0000022.0000023.0000024.0000025.00000nCipher PLC, located inCambridge, UK, is a developerof Internet security products,services and technologies. Itsproducts include servercrypto-accelerators, PKIsecurity modules, and relatedsoftware. The company deliverssolutions in the fields ofidentity management, dataprotection, enterprise keymanagement and cryptographichardware. The group providesencryption and key managementsolutions to public andprivate enterprises andinstitutions. The company alsoprovides professionalservices, includingconsultation, customdevelopment and implementationservices and has materialoperations in the UnitedStates. It was founded in1996.nCipher PLC, located in Cambridge, UK, is a developer ofInternet security products, services and technologies. Itsproducts include server crypto-accelerators, PKI securitymodules, and related software. The company deliverssolutions in the fields of identity management, dataprotection, enterprise key management and cryptographichardware. The group provides encryption and key managementsolutions to public and private enterprises andinstitutions. The company also provides professionalservices, including consultation, custom development andimplementation services and has material operations in theUnited States. It was founded in 1996.nCipher PLC, located in Cambridge, UK, is a developer of Internet security products, services and technologies. Its products include server crypto-accelerators, PKI security modules, and related software. The company delivers solutions in the fields of identity management, data protection, enterprise key management and cryptographic hardware. The group provides encryption and key management solutions to public and private enterprises and institutions. The company also provides professional services, including consultation, custom development and implementation services and has material operations in the United States. It was founded in 1996.0.000000.000000.0000016.91000YBritish Pound11 Jul 08Fri, 11 Jul 2008 00:00:00 ESTDate Announced: 07/11/2008Date Effective:MergerFriendly0.000000.000000.0000044.947000.000003.00000Price/Share0.0000050.717 British Pound50.7170050.6130045.051 British Pound45.051000.000000.000005.932005.9320045.0510045.051 British Pound1.97700N50.717001.003000.000000.000001.003000.00000100.28800100.2880021.0540018.6970020.8670017.801001.860000.000000.00000100.0000018.7400020.915005.9670017.842001.8640024.1750020.086002.098000.000008.449000.000000.1500088.878001.206000.000002.695000.0000014.99500-60.08600-33.41000-9.295000.000001.000002.000003.000004.000005.000006.000007.000008.000009.0000010.0000011.0000012.0000013.0000014.0000015.0000016.0000017.0000018.0000019.0000020.0000021.0000022.0000023.0000024.0000025.0000026.0000027.00000UK - Thales UK Ltd (TH), aunit of Thales SA, agreed tolaunch a tender offer toacquire the entire ordinaryshare capital of nCipher PLC(NC), a Cambridge-baseddeveloper of Internet securityproducts, for 3 British pounds($5.932 US) in cash, or atotal value of 50.717 milpounds ($100.288 mil), via ascheme of arrangement. THreceived irrevocableundertakings to accept theoffer with respect to 35.9% ofthe company's ordinary sharecapital. Upon effectivity ofthe scheme, TH was to exerciseits rights to compulsorilyacquire all remaining sharesnot tendered pursuant to theoffer and apply for thedelisting of NC shares fromthe London Stock Exchange. Thetransaction was subject toregulatory and shareholdersapprovals.UK - Thales UK Ltd (TH), a unit of Thales SA, agreed to launch a tender offer to acquire the entire ordinary share capital of nCipher PLC (NC), a Cambridge-based developer of Internet security products, for 3 British pounds ($5.932 US) in cash, or a total value of 50.717 mil pounds ($100.288 mil), via a scheme of arrangement. TH received irrevocable undertakings to accept the offer with respect to 35.9% of the company's ordinary share capital. Upon effectivity of the scheme, TH was to exercise its rights to compulsorily acquire all remaining shares not tendered pursuant to the offer and apply for the delisting of NC shares from the London Stock Exchange. The transaction was subject to regulatory and shareholders approvals.UK - Thales UK Ltd (TH), a unit of Thales SA, agreed to launch a tender offer to acquirethe entire ordinary share capital of nCipher PLC (NC), a Cambridge-based developer ofInternet security products, for 3 British pounds ($5.932 US) in cash, or a total value of50.717 mil pounds ($100.288 mil), via a scheme of arrangement. TH received irrevocableundertakings to accept the offer with respect to 35.9% of the company's ordinary sharecapital. Upon effectivity of the scheme, TH was to exercise its rights to compulsorilyacquire all remaining shares not tendered pursuant to the offer and apply for thedelisting of NC shares from the London Stock Exchange. The transaction was subject toregulatory and shareholders approvals.UK - Thales UK Ltd (TH), a unit of Thales SA, agreed to launch a tender offer to acquire the entire ordinary share capital of nCipher PLC (NC), a Cambridge-based developer of Internet securityproducts, for 3 British pounds ($5.932 US) in cash, or a total value of 50.717 mil pounds ($100.288 mil), via a scheme of arrangement. TH received irrevocable undertakings to accept the offer withrespect to 35.9% of the company's ordinary share capital. Upon effectivity of the scheme, TH was to exercise its rights to compulsorily acquire all remaining shares not tendered pursuant to the offerand apply for the delisting of NC shares from the London Stock Exchange. The transaction was subject to regulatory and shareholders approvals.UK - Thales UK Ltd (TH), a unit of Thales SA, agreed to launch a tender offer to acquire the entire ordinary share capital of nCipher PLC(NC), a Cambridge-based developer of Internet security products, for 3 British pounds ($5.932 US) in cash, or a total value of 50.717 milpounds ($100.288 mil), via a scheme of arrangement. TH received irrevocable undertakings to accept the offer with respect to 35.9% of thecompany's ordinary share capital. Upon effectivity of the scheme, TH was to exercise its rights to compulsorily acquire all remainingshares not tendered pursuant to the offer and apply for the delisting of NC shares from the London Stock Exchange. The transaction wassubject to regulatory and shareholders approvals.$ 89.084 - Rothschild - Adv0.00000Rothschild1.00000Jefferies & Co IncPanmure Gordon & Co Ltd1.000002.00000$ 89.084 - Jefferies & Co Inc - Adv,F Opin$ 0.000 - Panmure Gordon & Co Ltd - ECM0.000000.00000Pending0.000000.000000.000000.000000.438002.404002.4040010.232002.044001.09900-1.718007.393002.154000.11400-0.153000.111000.09200-0.028000.114007.550007.5500041.6350047.3910041.2730038.399002.52500-4.270003.069002.45500-0.675002.525003.40500-4.711003.750002.33300-0.585003.4050024.1710021.0500017.3800014.2440012.9880024.1710021.3210021.3210051.6250057.7050047.1960043.65600Status:PendingSTG26.3160026.3160.141006.849006.849-4.711000.0000034.1540017.9290016.7990014.99500-39.21500-16.4030021.0970023.545006.717007372:Prepackaged Software7375:Information retrieval services7379:Computer related services,nec5968003Euro P.P.MFrance3769ForeignPublicOH7372:Prepackaged Software7375:Information retrieval services7379:Computer related services,nec683782001LondonUnited Kingdom7372ForeignPublicNCH100.2880045.0510089.0840045.05100Deal InformationTF Mergers & AcquisitionsUS - Thales SA was rumored to be in negotiations to be planning to acquire all the outstanding common stock of DRS Technologies Inc, a manufacturer of defense electronic equipment.6/28/2008 9:21:39 AM88348N23330X88348N23330XThales SADRS Technologies IncThales SADRS Technologies Inchttp://www.alacrastore.com/storecontent/Thomson_M%26A/Thales_SA_is_rumored_to_be_planning_to_acquire_DRS_Technologies_Inc-1991295020sdc/19912950201991295020Copyright © 2008, Thomson Financial, All Rights ReservedEuro P.P.MAerospace and AircraftFranceGuided missile and space vehicle parts, nec3769FFForeignPublicOH3661:Telephone&telegraph apparatus3669:Communications equipment, nec3677:Electronic coils, transformers, & other inductors3679:Electronic components, nec3769:Guided missile and space vehicle parts, nec3812:Search, detection, and navigation equipment7372:Prepackaged Software3661:Telephone&telegraph apparatus3669:Communications equipment, nec3677:Electronic coils, transformers, & other inductors3679:Electronic components, nec3769:Guided missile and space vehicle parts, nec3812:Search, detection, and navigation equipment7372:Prepackaged SoftwareNew YorkElectronic and Electrical EquipmentUnited StatesElectronic components, nec3679NJNew JerseyPublicDRS5968003Mnfr defense equipMnfr defense electn equipNot ApplicableCommon Stock8465002Jun 28 20080.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.000004.000005.000006.000007.000008.000009.0000010.00000Thales SA, located inNeuilly-Sur-Seine,manufactures defense equipmentand systems, telecommunicationequipment, information systemsand electronic components andaeronautic equipment. Thecompany develops cryptographicsecurity technology softwaresolutionsThales SA, located in Neuilly-Sur-Seine, manufacturesdefense equipment and systems, telecommunication equipment,information systems and electronic components and aeronauticequipment. The company develops cryptographic securitytechnology software solutionsThales SA, located in Neuilly-Sur-Seine, manufactures defense equipment and systems, telecommunication equipment, information systems and electronic components and aeronautic equipment. The company develops cryptographic security technology software solutions1.000002.000003.000004.000005.000006.000007.000008.000009.0000010.0000011.0000012.0000013.0000014.0000015.0000016.0000017.0000018.0000019.0000020.0000021.0000022.0000023.0000024.0000025.0000026.0000027.0000028.0000029.0000030.0000031.0000032.0000033.0000034.00000DRS Technologies Inc, locatedin Parsippany, New Jersey,manufactures electronic signalprocessing and display systemsfor the defense, government,and commercial markets. Itoperates through foursegments: C4I which providesnaval display and shipcommunications systems, radarsystems, electronicmanufacturing and systemintegration services. RSTAdevelops and manufactureselectro-optical sighting,targeting and weapon sensorsystems, high-speed digitaldata and imaging systems andaircraft weapons alignmentsystems. Sustainment Systemsmanufactures integratedmilitary electronics and othersupport equipment. TechnicalServices provides engineeringservices, logistics andtraining services, advancedtechnology services, securityand asset protection systemsand services andtelecommunication systemsservices. It has operations inthe United States, the UnitedKingdom and Canada. Thecompany was founded in 1968.DRS Technologies Inc, located in Parsippany, New Jersey,manufactures electronic signal processing and displaysystems for the defense, government, and commercial markets.It operates through four segments: C4I which provides navaldisplay and ship communications systems, radar systems,electronic manufacturing and system integration services.RSTA develops and manufactures electro-optical sighting,targeting and weapon sensor systems, high-speed digital dataand imaging systems and aircraft weapons alignment systems.Sustainment Systems manufactures integrated militaryelectronics and other support equipment. Technical Servicesprovides engineering services, logistics and trainingservices, advanced technology services, security and assetprotection systems and services and telecommunicationsystems services. It has operations in the United States,the United Kingdom and Canada. The company was founded in1968.DRS Technologies Inc, located in Parsippany, New Jersey, manufactures electronic signal processing and display systems for the defense, government, and commercial markets. It operates through four segments: C4I which provides naval display and ship communications systems, radar systems, electronic manufacturing and system integration services. RSTA develops and manufactures electro-optical sighting, targeting and weapon sensor systems, high-speed digital data and imaging systems and aircraft weapons alignment systems. Sustainment Systems manufactures integrated military electronics and other support equipment. Technical Services provides engineering services, logistics and training services, advanced technology services, security and asset protection systems and services and telecommunication systems services. It has operations in the United States, the United Kingdom and Canada. The company was founded in 1968.0.000000.000000.0000041.43000Y26 Jun 08Thu, 26 Jun 2008 00:00:00 ESTDate Announced: 06/26/2008Date Effective:MergerNot Appl.0.000000.000000.000000.000000.000000.00000Price/Share0.0000000.000000.0000000.000000.000000.000000.000000.000000.0000000.00000N0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.00000100.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.000004.000005.000006.000007.00000US - Thales SA was rumored tobe in negotiations to beplanning to acquire all theoutstanding common stock ofDRS Technologies Inc, amanufacturer of defenseelectronic equipment.US - Thales SA was rumored to be in negotiations to be planning to acquire all the outstanding common stock of DRS Technologies Inc, a manufacturer of defense electronic equipment.US - Thales SA was rumored to be in negotiations to be planning to acquire all theoutstanding common stock of DRS Technologies Inc, a manufacturer of defense electronicequipment.US - Thales SA was rumored to be in negotiations to be planning to acquire all the outstanding common stock of DRS Technologies Inc, a manufacturer of defense electronic equipment.US - Thales SA was rumored to be in negotiations to be planning to acquire all the outstanding common stock of DRS Technologies Inc, amanufacturer of defense electronic equipment.Rumor0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.00000Status:Rumor-999.00000np0.00000-999.00000np0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000003679:Electronic components, nec3812:Search, detection, and navigation equipment5968003Euro P.P.MFrance3769ForeignPublicOH3679:Electronic components, nec3812:Search, detection, and navigation equipment8465002New YorkUnited States3679New JerseyPublicDRS0.000000.000000.000000.00000Deal InformationTF Mergers & Acquisitionshttp://www.alacrastore.com/storecontent/spcred/651636spcred/651636normThe latest Summary from S&Pstructuredglobal6/2/2008 3:30:58 PM175Summary651636FranceAerospace & DefenseEmerging MarketsEurope, Middle East, AfricaLatin AmericaUnited StatesGlobal IssuersStructured FinanceCorporationsCommercial MBSHigh TechnologyAerospace & DefenseSummaryThe ratings on France-based Thales S.A. reflect the group's strong position in the growing defense electronics business, successful diversification between civil and military markets, and moderate financial profile. These strengths are partially offset, however, by modest operating margins, highly competitive civil and defense markets, and some reliance on slowing European defense markets. Thales is the leading player in the European defense electronics market and a major global provider of commercial avionics. The group's business strength is underpinned by a high level of technological expertise in electronic equipment and systems, a strong order backlog (equivalent to about 24 months of sales), and privileged access to the French and U.K. military markets. Half of Thales' business is in defense and the otherFRA88321920101010 201010 2010 20Thales S.A.113344EMERGINGEUROMIDAFRLATAMERICAUSAHO@FPSUMMARYGLOBISSSTRUCCORPCMBSHighAerospaceCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/651616spcred/651616normThe latest Full Report from S&Pglobalstructured6/2/2008 3:30:57 PM400Full Report651616FranceAerospace & DefenseEmerging MarketsEurope, Middle East, AfricaLatin AmericaUnited StatesGlobal IssuersStructured FinanceCorporationsCommercial MBSAerospace & DefenseHigh TechnologyFull ReportStrong position in the fast-growing defense electronics sector; Well-diversified backlog and predominance of predictable, defense-related activities; and Intermediate financial profile. Pressure on U.K. and French defense budgets; Weak operating margins; and Competitive pressures in commercial aerospace markets, including exposure to the weakening U.S. dollar relative to the euro. The ratings on France-based Thales S.A. reflect the group's strong position in the growing defense electronics business, successful diversification between civil and military markets, and moderate financial profile. These strengths are partially offset, however, by modest operating margins, highly competitive civil and defense markets, and some reliance on slowing European defense markets. Thales is the leading player in the European defense electronics market and a major global provider of commercial avionics. TheFRA88321920101010 201010 2010 20Thales S.A.113344EMERGINGEUROMIDAFRLATAMERICAUSAHO@FPFULLGLOBISSSTRUCCORPCMBSAerospaceHighCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/648758spcred/648758normThe latest News from S&Pglobalstructured5/16/2008 6:30:43 PM100News648758FranceAerospace & DefenseEmerging MarketsEurope, Middle East, AfricaLatin AmericaUnited StatesGlobal IssuersStructured FinanceCorporationsCommercial MBSHigh TechnologyAerospace & DefenseNewsLONDON (Standard&Poor's) May 16, 2008--Standard&Poor's Ratings Services said today it revised its outlook on France-based aerospace and defense group Thales S.A. to stable from negative. This follows the group's strengthening of its financial profile and solid trading prospects despite a challenging and competitive environment. At the same time, Standard&Poor's affirmed its 'A-' long-term and 'A-2' short-term corporate credit ratings. "The outlook revision primarily reflects Thales' improved financial profile, following significant reductions in reported debt and pension liabilities, and positive trading momentum supported by strong order intake and organic growth," said Standard&Poor's credit analyst Leigh Bailey. The company expects organic growth to be about 6%. Progress made from restructuring activity, and the volumeFRA88321920101010 201010 2010 20Thales S.A.113344EMERGINGEUROMIDAFRLATAMERICAUSAHO@FPNEWSGLOBISSSTRUCCORPCMBSHighAerospaceCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/648759spcred/648759normThe latest Research Update from S&Pglobalstructured5/16/2008 6:30:43 PM175Research Update648759FranceAerospace & DefenseEmerging MarketsEurope, Middle East, AfricaLatin AmericaUnited StatesGlobal IssuersStructured FinanceCorporationsCommercial MBSAerospace & DefenseHigh TechnologyResearch UpdateOn May 16, 2008, Standard&Poor's Ratings Services revised its outlook on France-based aerospace and defense group Thales S.A. to stable from negative. This follows the group's strengthening of its financial profile and solid trading prospects despite a challenging and competitive environment. At the same time, Standard&Poor's affirmed its 'A-' long-term and 'A-2' short-term corporate credit ratings. The outlook revision primarily reflects Thales' improved financial profile, following significant reductions in reported debt and pension liabilities, and positive trading momentum supported by strong order intake and organic growth, which the company expects to be about 6%. Progress made from restructuring activity, and the volume benefits of increased revenues, should allow the group to offset margin pressure satisfactorily toFRA88321920101010 201010 2010 20Thales S.A.113344EMERGINGEUROMIDAFRLATAMERICAUSAHO@FPRESUPDGLOBISSSTRUCCORPCMBSAerospaceHighCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/fitch/377146_report_framefitch/377146_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.Thales S.A.805044183/12/2008 2:15:00 PM010000000103000001030600425Full Rating ReportHO377146_report_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/fitch/406052_pr_framefitch/406052_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.Thales S.A.805044182/18/2008 2:13:00 PM01000000010300000103060085Press ReleaseHO406052_pr_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/moodys/COP_748650moodys/COP_748650htmlCredit Opinion2/7/2008 12:13:30 PMGlobal Credit Research Credit Opinion # FEB #### Credit Opinion: Thales Thales Paris, France Ratings Category Moody's Rating Outlook Stable Issuer Rating A# Senior Unsecured -Dom Curr A# Commercial Paper -Dom Curr P-# Other Short Term...Thales748650150.0000NewshtmlThalesCOP_748650Credit & Investment ResearchMoody's Global Credit 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/spcred/614974spcred/614974normThe latest Full Report from S&P11/23/2007 3:29:19 PMFull Report400globalstructured614974FranceAerospace & DefenseEmerging MarketsEurope, Middle East, AfricaLatin AmericaUnited StatesGlobal IssuersStructured FinanceCorporationsCommercial MBSAerospace & DefenseHigh TechnologyFull ReportStrong position in the fast-growing defense electronics sector Well-diversified backlog and predominance of predictable, defense-related activities Intermediate financial profile Weak operating margins Limited free cash flow generation Competitive pressures in commercial aerospace markets, including exposure to the weakening dollar relative to the euro The ratings on France-based Thales S.A. reflect the group's strong position in the growing defense electronics business, successful diversification between civil and military markets, and intermediate financial profile. These strengths are offset, however, by the group's modest operating margins, ongoing restructuring charges, and constrained level of free cash flow generation. Thales expects to generate annual revenues in 2007 of about €12 billion, including about €1 billion from North America. The group is the leading player in theFRA88321920101010 201010 2010 20Thales S.A.113344EMERGINGEUROMIDAFRLATAMERICAUSAHO@FPFULLGLOBISSSTRUCCORPCMBSAerospaceHighCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/614975spcred/614975normThe latest Summary from S&P11/23/2007 3:29:19 PMSummary175globalstructured614975FranceAerospace & DefenseEmerging MarketsEurope, Middle East, AfricaLatin AmericaUnited StatesGlobal IssuersStructured FinanceCorporationsCommercial MBSAerospace & DefenseHigh TechnologySummaryThe ratings on France-based Thales S.A. reflect the group's strong position in the growing defense electronics business, successful diversification between civil and military markets, and intermediate financial profile. These strengths are offset, however, by the group's modest operating margins, ongoing restructuring charges, and constrained level of free cash flow generation. Thales expects to generate annual revenues in 2007 of about €12 billion, including about €1 billion from North America. The group is the leading player in the European defense electronics market and a major global provider of commercial avionics. The group's business strength is underpinned by a high level of technological expertise in electronic equipment and systems, a strong order backlog (equivalent to about 24 months of sales), and privilegedFRA88321920101010 201010 2010 20Thales S.A.113344EMERGINGEUROMIDAFRLATAMERICAUSAHO@FPSUMMARYGLOBISSSTRUCCORPCMBSAerospaceHighCredit & Investment ResearchS&P Credit Research