Bulletin: Airbus Group Ratings And Outlook Are Unaffected By EUR1 Billion Share Buyback

LONDON (Standard&Poor's) Oct. 30, 2015--Standard&Poor's Ratings Services said today that its ratings and outlook on Netherlands-based aerospace and defense company Airbus Group SE (Airbus; A/Positive/A-1) are unaffected by the company's announcement today that it has decided to launch a EUR1 billion share buyback, to be completed by the end of June 2016. At this stage, we do not view this announcement as indicating a more aggressive financial policy than we had expected at the time of our outlook revision to positive on Sept. 15, 2015. This is because we do not regard the amount to be material, compared to the group's strong leverage metrics and exceptional liquidity. We note, for example, that during the nine months

...LONDON (Standard & Poor's) Oct. 30, 2015--Standard & Poor's Ratings Services said today that its ratings and outlook on Netherlands-based aerospace and defense company Airbus Group SE (Airbus; A/Positive/A-1) are unaffected by the company's announcement today that it has decided to launch a EUR1 billion share buyback, to be completed by the end of June 2016. At this stage, we do not view this announcement as indicating a more aggressive financial policy than we had expected at the time of our outlook revision to positive on Sept. 15, 2015. This is because we do not regard the amount to be material, compared to the group's strong leverage metrics and exceptional liquidity. We note, for example, that during the nine months to Sept. 30, 2015, the company received disposal proceeds of EUR1.7 billion. These came mainly from the partial sale of shares in Dassault Aviation. For further details, see our research update "Airbus Outlook Revised To Positive On Possible Improvement In Financial Policy;...

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