The combination of a "satisfactory" business risk profile and a "minimal" financial risk profile can yield an initial analytical outcome ("anchor") of either 'a' or 'a-'. In the case of Rolls-Royce, we assess the anchor at 'a', reflecting Rolls-Royce's stronger competitive position relative to other companies with similar business and financial risk assessment descriptors. Our ratings and outlook on Rolls-Royce are unaffected by the company's announcement that it will repurchase £1 billion of its shares. We understand that the buyback is subject to the completion of the sale of its energy gas turbine and compressor business to Siemens AG. Rolls-Royce management expects the transaction to close before the end of 2014 and to use the proceeds of about £985 million
