...The Negative Outlook reflects Fitch Ratings' view that Leonardo S.p.A.'s cash flows over the coming 12- 24 months are likely to come under material pressure as a consequence of the coronavirus pandemic. This could result in key credit ratios such as funds from operations (FFO) and free cash flow (FCF) margins, as well as leverage, being outside Fitch's downgrade sensitivities beyond the short term. Fitch assumes a broad global economic recovery in 2021, and as such Leonardo is likely to see a gradual return of its cash flow and leverage ratios to levels that are in line with t he present rating sensitivities. However, should the effects of the pandemic be more severe than we expect, or should the recovery be slower than we expect, a downgrade of the company's ratings is likely....
